Saudi major allocated addition PP, PE cargoes to Vietnam at stable to softer levels

Vietnamese players reported receiving offers for additional PP and PE quantity from a major Saudi Arabia producer for July shipment at the stable to $10/ton reduction week on week. Buyers were initially portrayed concern over the available cargoes, however, showed better acceptance later for PE grades.

The latest price list sees $10/ton drop in PE to $1340/ton for HDPE film and $1150/ton for LLDPE film while PP unchanged at $1270/ton for homo-PP injection and $1310/ton for PP block copolymer, all based on CIF Vietnam, LC AS term. No homo-PP yarn quantity available this time.

“We are looking at homo-PP injection at below the $1250/ton threshold and therefore, less likely to accept the latest offers,” a buyer said. The source also underlined the presence of competitive duties-free Thailand and Chinese cargoes in the spot market. 

A distributor added, “Sales pressure is still bearable as there are only a few hundred tons in total for all the grades this time. The market is slow since buyer confidence is hampered by the currency exchange issues and the escalating trade war.”