Saudi major lifted homo-PP to Vietnam, buyers cautiously procure cargoes

A major Saudi Arabia producer opens fresh homo-PP offers to Vietnam at $20/ton increased compared to the last offers during early November, reaching $1190/ton CIF Vietnam, LC AS term.

Buyers are placing bids at $1170/ton with the same term and several deals have been reported, mostly to converters. “Market seems moving up and we decided to stock up a small quantity first while continue watching out for further development,” a woven bag manufacturer said.

Traders are more cautious and many plan to only buy small quantity citing that, “Demand in preparation for Lunar New Year is weak and therefore, we are not confident about the market prospect in the post-Lunar New Year term. We would only buy to maintain relationship.”