A trader based in Vietnam told SSESSMENTS.COM that May shipment PP offers to the country is following pricing to China market. This week, a Saudi producer had announced May shipment PP offers to Vietnam. Offers for PP Homo Raffia captured at $900/ton, an increase of between $150-170/ton from the deal for April shipment. While PP Homo Fiber offer stands at $1,000/ton. All offers are on LC at sight, CIF Vietnam Main Port Basis.
Similarly, SSESSMENTS.COM was told that a Thai producer also raised their offers for PP Homo Raffia to Vietnam by $40/ton from last week, currently stand at $850/ton on LC at sight, CIF Vietnam Main Port Basis. In response to Saudi and Thailand PP offers, the trader opined that the current levels are overpriced and will be revised soon, considering low monomer costs and weak demand.
The trader commented that good sales to China in the previous week might be the reason behind the significant price increase applied by the Saudi producer for May shipment pricing to Vietnam. According to SSESSMENTS.COM pricing database, on April 15, the Saudi producer also offered PP Homo Raffia to China market at $900/ton on LC at sight, CIF China Main Port Basis.
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