Another Saudi major lifted PP, PE offers to Vietnam

Vietnamese buyers reported to have received fresh PP and PE offers for March shipment from another major Saudi Arabia producer with large increases month on month. Latest price list indicated $50/ton hike on HDPE film and $40/ton on all PP grades. Only LLDPE film remains unchanged from previous price announcement.

The offers currently stands at $1470/ton for HDPE film, $1290/ton for LLDPE film, $1320/ton for homo-PP, $1340/ton for BOPP and $1350/ton for PP block copolymer, all based on CIF Vietnam, LC AS term. It is worth noting that the producer has started commercial offering for LDPE lamination grade from the new plant at $1430/ton with the same term.

In spite of initial market resistance, the producer might hold prices stable, especially for HDPE film given the lack of sales pressure due to on going maintenance shutdown. “We almost have no HDPE allocation for spot market. At the meantime, we are not seeing strong interest for PP and LLDPE film, from which we prefer to monitor a little longer before making decisions,” a source close to the producer said.