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Facing tremendous pressure from the recent slash in prices from a major Indian producer, a Saudi Arabia producer decided to jump on the wagon to close deals at $1070/ton CIF Vietnam LC AS term.

A number of buyers have actually entered the deal, just yet, refrain from taking too large quantity. “We requested for the price level $1050/ton but the supplier rejected. We decided to only take 100 tons while waiting for clearer market trend,” a buyer commented.

The concern among market players here is that would China and USA manage to narrow down the differences in the escalated trade tension, market might receive sufficient support for a rebound. “But we do not want to put all bets on one side, because the otherwise would happen, too,” another buyer added.

Many buyers in the country are still not confident enough to procure the cargoes this time, especially local traders, whom mostly wait for further reductions.

At the moment, import homo-PP to Vietnam has reached the range $1060-1150/ton, CIF, LC AS term.

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Vietnam