Vietnamese market participants share with SSESSMENTS.COM regarding absurd price level that surfaced in the market for May shipment. One of the main Saudi PP suppliers to Vietnam offers PP Homo Raffia at $900/ton, a sharp rise of $150-170/ton from deal concluded for April shipment.
Market players said a more reasonable offer was given for Thai origin where the producer offered PP Homo Raffia between $840-850/ton on LC at sight CIF Vietnam main ports basis, up from the previous week's offer between $30-40/ton. For Chinese PP Homo Raffia cargoes, the range of offers available in the market is rather wide. A regional trader attempted to sell as high as $1,010/ton on FOB China basis, an unattractive offer according to a Vietnamese converter, while on April 22 a trader was quoted by Chinese seller at $820/ton on CIF Vietnam main port basis. "Everyone is adopting a wait-and-see stance and are not willing to negotiate deals for existing offers," a source told SSESSMENTS.COM. The converter expressed buy idea of around $700-plus/ton for PP Homo Raffia.
SSESSMENTS.COM was also informed that the converter's inventory is sufficient to meet steady orders from the export market. Production runs at a regular rate without any other issues that need to underline.
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