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Earlier this week, a major Saudi Arabia producer lifted import offers for homo-PP yarn and injection to Vietnam by $20/ton from last week to $1100/ton CIF, LC AS term. The initial final prices only saw $10/ton reduction to $1090/ton, which did not attract sufficient purchasing interest among buyers here. 

With comfortable inventories on hand and lacking confidence in the near-term market outlook following the plunge in the energy complex, Vietnamese buyers have not responded positively to the small discount. As a result, the maker decided to step back another $20/ton to conclude deals at $1070/ton as on 20 December. 

“It is harder to increase prices than expected. At $1070/ton, some customers are willing to take small quantity,” a distributor said.

“Market loses momentum again. We hope that prices would not breach below the previous low. The sentiment is dimmer now, which means that only converters would make new replenishment while traders might just wait and see on the sideline,” another distributor added.

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Vietnam