Saudi homo-PP concluded at lower level in Vietnam

A major Saudi Arabia producer has loosened their stance on import homo-PP cargoes to Vietnam this week after holding firm on the prices throughout the month. Several deals are reported at $1155-1160/ton CIF Vietnam, LC AS term, which indicate $10-15/ton reduction from initial offers.

A distributor sold the cargoes informed, “Anything above the $1160/ton mark, we are unable to attract buying interest. Sales have been slow and we are still having some quantity on hand at the moment.”

Meanwhile, Vietnamese buyers are mostly waiting for prices below the $1150/ton threshold, hence only make small replenishment. “There is high chance that import prices might soften further in the near term, hence we prefer to just wait and see. We plan to restock only by end of this month or beginning of November,” a converter said.