Saudi major implement three digits hike on homo-PP offers to Vietnam

Vietnamese buyers reported to have received fresh homo-PP offers from a major Saudi Arabia producer with $110-120/ton hike compared to last month, reaching $1180-1190/ton CIF Vietnam, LC AS term for both yarn and injection grades.

Buyers in the country are not very excited about the news offers given the availability of re-export cargoes at attractive offers levels. A buyers place bid at $1150/ton with the same shipment and payment term said, “There are so much of uncertainties in the near term outlook with Chinese buyers remain inactive in the market. Propylene costs have also softened slightly, therefore we are not confident to make large purchases though our supplier is not having high allocation this month.”