Another Saudi producer slashed PE offers to Vietnam

Vietnamese buyers reported to have received fresh PE prices from a major Saudi Arabia producer with large reduction from initial offers last month. In fact, the maker reportedly cut $50/ton for HDPE film, bringing latest prices $1130/ton and $60/ton for LLDPE film to $1140-1150/ton, CIF Vietnam, LC AS term.

Buyers in the country are rather concern over the recent drop in ethylene costs and taking extra cautious stance when it comes to placing bids. A buyer said, “It doesn’t look like ethylene costs could revive in the near term amid comfortable supply and weak demand from downstream markets. PE prices in local ground are also soft, hence we might need to request suppliers to give more discount this time.”