Saudi Arabia homo-PP continue inching lower in Vietnam

Vietnamese players reported having concluded deals for mainstream Saudi Arabia homo-PP at $1260/ton for yarn and $1250/ton for injection grade today, all based on CIF Vietnam, LC AS term, early August shipment. 

Though the reduction is very much in line with the player’s expectation given the drop in offers for non-dutiable cargoes earlier this week, the market remains very cautious about fresh purchases. 

“We are rather concerned about the macro trade environment while also monitoring the production status at Nghi Son Refinery and Petrochemical. Sellers are facing stronger pressure now and therefore, we only procure small quantity while waiting for further reduction,” a buyer said.