Distributors: Middle Eastern PP prices reduced to Vietnam
A distributor reported that they received an offer for Middle Eastern PP cargoes with a decrease of $20/ton at $1500/ton CIF Vietnam, cash. He stated, “We are not interested in sourcing this material as we feel it is risky to take a position nowadays. Local demand is slow and upstream costs are continuously falling. Although we are trying to keep our prices stable to the local market, we think that the current levels may not be sustainable in the near term.”
A second distributor also reported that they were offered Middle Eastern PP cargoes with $10-20/ton decreases at $1500/ton CIF, cash. “We are not planning to replenish our stocks nowadays as we feel that prices may witness some significant drops over the near term. We had to cut our offers to the local market as demand is still sluggish owing to weaker upstream markets which are encouraging buyers to stick to the sidelines with the expectation of seeing further reductions. We expect that producers will announce their November prices with decreases next week.”
In Vietnam, homo-PP raffia and injection prices for Middle Eastern origins are currently standing at $1500-1550/ton CIF SEA, cash basis.
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