Saudi major down adjusted homo-PP offers to Vietnam

A Saudi Arabia producer has announced fresh offers for homo-PP to Vietnam with $10/ton reduction from last week to reach $1120/ton CIF Vietnam, LC AS term. This is the fourth consecutive week the maker cut offers to Vietnam, accumulating a total reduction of $70-80/ton since it hit the peak during late February.

A number of buyers have expressed their buy ideas at $1080-1090/ton level for this cargo, while others are not confident enough to place any bid. A market source commented, “We think market might still have additional room for further reduction, therefore we are not planning to place any order at the moment. Some non-dutiable cargoes are offering at similar or lower levels, yet, we are not interested.”