Saudi major slashed PE offers to Vietnam

Vietnamese players reported to have received revised offers from a major Saudi Arabia producer for March delivery PE cargoes. The maker reportedly slashed HDPE prices by $50-60/ton from initial prices given late February, to reach $1180/ton for film and $1160/ton for blow moulding grade, all based on CIF Vietnam, LC AS term. Meanwhile, LLDPE film offer sees $50/ton reduction to reach $1210/ton with the same term.

Such drastic movement has concerned many other suppliers, however, buyers are showing calm, wait and see stance instead. A converter commented, “The PE market is deteriorating faster than the upstream ethylene market. Outlook is really cloudy, especially when end product orders are weak. We prefer to monitor further movement before taking position.”