Saudi Arabia producer lifted homo-PP to Vietnam

Vietnamese buyers reported to have received fresh weekly homo-PP offers from a major Saudi Arabia producer with $30/ton hike, reaching $1110/ton CIF Vietnam, LC AS term.

An international trader said, “We have achieved good sales in nearby China market this week and our principal supplier plan to hold firm prices to Southeast Asia.”

A vast number of buyers are showing very limited interest to make purchases at the latest price levels, fearing losses incurred from sluggish local condition. A buyer said, “Our supplier only agree to $10/ton discount on deals and we are not planning to accept such high prices at the moment. Domestic market is not catching up and any upside in the near term might be limited due to persistent weak buying interest from converters.”