Saudi maker lifted homo-PP offers to Vietnam, limited quantity available

It is reported that a major Saudi Arabia producer has announced fresh homo-PP offers to Vietnam with $20/ton hike from last week to $1290/ton CIF, LC AS term. The available quantity is rather limited and a number of bids have come in at the level $1270/ton with the same term.

“Our supplier informed that the allocated quantity is fully booked and are unable to accept additional inquiries. This grade is rather tight in the local market at the moment, however, we think the condition might be eased in June as previously purchased cargoes arrive the market,” a buyer said.

Many Vietnamese buyers are cautious about making an additional buy at the current high price levels citing the risk that another local producer – Nghi Son Petrochemical might start offering commercial cargoes by end of this month, which would dampen the sentiment.