Saudi producer cuts homo-PP prices to Vietnam
The trader purchased 200 tons of PP raffia and injection at $1280/ton on a CIF Vietnam, cash basis. He commented, “We are planning to wait for prices to drop to $1250/ton CIF, cash before we make another purchase. Local demand remains stagnant.”
Another buyer who reported receiving the $1280/ton level from the same source stated, “Prices for Saudi homo-PP are lower compared to the beginning of the week. However, we feel that the market still has some room to go down as Chinese cargoes are currently offered at even lower levels of around $1250/ton CIF, cash. Hence, we are planning to wait until next week before deciding on our purchase.”
Meanwhile, the Saudi supplier received some counter bids from a Vietnamese trader at $1260/ton CIF, cash, down $20/ton from their current homo-PP offers. The trader who placed this bid stated, “If the Saudi supplier accepts our offer, we may consider purchasing some material from them. If not, we will delay replenishing for now as local demand remains slow.”
In Vietnam, overall import homo-PP prices currently stand at $1250-1380/ton for raffia and at $1250-1320/ton for injection, all on a CIF, cash equivalent basis.
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