Saudi maker lifted homo-PP offers to Vietnam; buying interest weakens

A major Saudi Arabia producer has announced fresh weekly offers for homo-PP to Vietnam with $20/ton increased to $1270/ton CIF, LC AS term. The hike is very much within market expectation, however, buyers are showing little interest in the cargoes citing comfortable inventories from previous purchases.

“The supplier is collecting bids at $1255/ton for yarn grade and $1250/ton for injection grade and we prefer to wait for the results before making decision. If deals are achieved at bids level, the market actually only inches slightly higher,” a buyer commented.

Several other converters reported having sufficient stock until early June while a trader informed, “We have purchased a total of 1500 tons of import homo-PP over the past two weeks and at the moment, we have no plan for further replenishment. The market is firm, yet we do not see a possibility of any drastic hike.”