Saudi maker stepped back on PE offers to Vietnam, attracted little interest

According to market sources, a major Saudi Arabia producer has decided to step back on their PE offers to Vietnam by $20/ton, after refusing any discount from initial offers in the previous trading day. In the latest announcement, the producer finalised prices at $1120/ton for HDPE film and $1130/ton for LLDPE film, all based on CIF Vietnam, LC AS term.

However, buyers in the country still show little buying interest as the energy complex plunged after OPEC meeting and upstream ethylene market continue to move lower. A buyer commented, “We plan to wait until next week before making decision as we have purchased other origins at more competitive prices. We think there must be more discount in order to draw buyers back to the market.”

A distributor offered on behalf of the producer added, “Our regular customers are expressing buy idea at $1100/ton for LLDPE film and $1080/ton for HDPE film, CIF Vietnam term. Buying interest is very limited and we really concern about the outlook in the coming week.”