Print

A day after maintaining import homo-PP yarn offers unchanged from last week at $1300/ton CIF Vietnam, LC AS term, a major Saudi Arabia decided to cut prices by $15/ton to close deals at $1285/ton with the same term despite limited quantity available. 

The move clearly indicated the softening trend that regional players have been waiting and yet, players are not very active in scouting for cargoes. “We only procured a small quantity of yarn while waiting for further reduction to emerge. We think the downtrend has only just started,” a local trader informed.

Converters are more cautious, as reported earlier that many have comfortable stock on hand. “We hope to achieve a little more discount before making fresh replenishment. We have comfortable stock on hand now and therefore, have time to wait,” a converter said.