Saudi major revised homo-PP offers to Indonesia

A major Saudi Arabia producer has revised homo-PP offers downward to Indonesia on the first trading day of the week, marking $40-45/ton reduction compared to mid of March, reaching $1100-1105/ton CIF Indonesia, LC AS term.

Distributor offered on behalf of the producer informed that strong pressure from rapid price deterioration for non-dutiable cargoes is the main driver behind their decision. The source added, “Even with the latest adjustment, buyers are still placing bid at $1050/ton CIF Indonesia term. We have no plan to accept the bids at the moment.”