Saudi's homo-PP concluded at larger discount in Vietnam

In the previous trading day, a major Saudi Arabia producer announced fresh homo-PP offers for March shipment to Vietnam with $110-120/ton hike from last month, reaching $1180-1190/ton CIF, LC AS term. Despite the lack of sales pressure, several deals for the cargoes concluded at $1150/ton with the same term, some $30-40/ton reduction from initial offers.

A trader commented, “We did not proceed with the purchases due to lack of confident in the near term outlook. If in the earlier days, we only see irregular homo-PP cargoes re-exported from China, today we are seeing some widely accepted origins available at similar level. Domestic supply has also been eased with the arrival of the import material.”