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After opening new offers for November PE shipment at $20-40/ton lower than last month to Vietnam earlier this week, a major Saudi Arabia producer has set final prices with additional $30/ton cut, concluding deals at $1090-1100/ton for LLDPE film and $1230/ton for HDPE film, all based on CIF Vietnam, LC AS.

Vietnamese buyers started taking this as a benchmark in negotiating with other sellers while citing the lack of a strong support for a rebound in the near term. “Supply of LLDPE film, in particular, is rather long thanks to the heavy influx of USA cargoes. We are down-scaling the trading of this grade at the moment to minimize price risk in the local market,” a trader informed while adding that he only purchased 2 containers of the Saudi LLDPE film.

More suppliers might announce new offers within this week and sources have set the expectation to achieve deals at similar levels.