A Vietnamese trader reported to SSESSMENTS.COM that a Saudi PP producer finally proceeds with a notable adjustment after previously being firm on May shipment offers. Currently, May shipment offers for PP Homo Raffia from a Saudi producer are available at $820/ton on LC at sight, CIF Vietnam Main Port basis. Compared to the official offer announced on the week commencing April 20, the offers have dropped by $80/ton. Despite the hefty reduction, customers were submitting bids at $70/ton lower from the initial offer level.
So far, there is no response yet from the producer. However, the trader opined to SSESSMENTS.COM that the bids will most likely be rejected as it seems that the producer does not have sales pressure. For Thailand cargoes, the trader has yet to receive fresh offers for this week.
Click below to view related stories and content on Vietnam PP:
NewsSSESSMENTS: Review Of Southeast Asia PP Homo Raffia Market Week 18, April 27-May 1
