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It is reported that a major Saudi Arabia producer has announced new PP and PE offers to Southeast Asia market on the final trading day of the week with a rather steep reduction from last month for both PP and PE cargoes.

The maker’s latest price list and month-on-month changes are shown in the following table.

Market sources are arguing that the producer’s offers for homo-PP are rather less competitive considering the recent development in the regional PP market. “However, we have near to zero quantity for homo-PP as our troubles plant has not restarted from a major technical issue,” a source close to the maker explained.

In the meantime, the near-term market outlook is rather bleak and buyers are demanding for larger discount to minimize the price risk.