Market sources reported to SSESSMENTS.COM that a Saudi producer makes fresh adjustments on import PP offers to Indonesia and Vietnam market. In the week starting June 15, an Indonesian converter revealed that the offers for import PP Homo Raffia of Saudi origin increased by $20/ton from a week earlier, now available at $950/ton on LC at sight, CIF Indonesia Main Port basis. However, the offers are deemed unworkable, considering the current offer level in the local market is at IDR13,800,000/ton-level which is equivalent to around $900/ton-level for import prices. Moreover, the converter predicts that the current uptrend will be unsustainable and expect to decrease in the upcoming month as buyers are starting to show resistance towards the current price level.
On June 16, a global trading house informed SSESSMENTS.COM that the offers for import Saudi PP Homo Raffia to the Indonesia market are kept stable on a weekly comparison, stand at $930/ton on LC at sight, CIF Indonesia Main Port basis and there is room for negotiations. Nevertheless, the offers are also deemed too high and buyers are expecting a lower price.
While to the Vietnam market, a trader reported to SSESSMENTS.COM that the offers for import PP Homo Injection and PP Homo Raffia cargoes of Saudi origin surfaced with an upward adjustment between $20-30/ton from a week earlier. Although the buying sentiment is better compared to the previous week, the trader revealed that the buy idea is around $890-900/ton on LC at sight, CIF Vietnam Main Port basis, which is at $30/ton lower than the initial offer level.
