Saudi major rollover homo-PP offers to Vietnam

A major Saudi Arabia producer has announced fresh weekly homo-PP offers to Vietnam today at unchanged levels from last week, at $1180/ton for both yarn and injection grade, all based on CIF Vietnam, LC AS term.

Many local traders have skipped purchases at this prices levels for several weeks in a row, bringing up a serious concern that domestic ground might be short of supply November – December period. “However, we are not feeling comfortable making purchases at this price as market outlook in China remain unclear. We are still on the wait and see position,” a trader said.

Converters are placing bids at $20/ton lower than initial offers to make replenishment, “We ar waiting for the supplier to revert on our bids. At the moment, domestic market is still having lower costs cargoes and we might procure some quantity if overseas sellers refuse discounts,” a converter added.