Middle Eastern homo-PP concluded lower in Vietnam

A major Saudi Arabia producer announced fresh homo-PP offers to Vietnam earlier today with $20/ton reduction from the previous price opening, reaching $1020/ton CIF Vietnam, LC AS term. However, deals have been reported at addition $20/ton discount, touching the $1000/ton mark with the same term.

Demand for PP in local Vietnam market has been weaker than expected on piling supply due to the arrival of previously purchased cargoes. Despite the depreciation of the Vietnamese dong, traders are unable to increase domestic prices, which in turn discourage fresh replenishment.

It is reported that the supplier sold out 2,000 tons of the cargoes after the discount, with one trader purchased 100 tons at $1000/ton said, “We plan to just buy in small quantity as it seems the downtrend has just begun.” Several other buyers attempted to bid at $990/ton, yet supplier refused to accept.

Import homo-PP to Vietnam currently stand at $980-1025/ton CIF Vietnam, LC AS term.