In Southeast Asia, PP prices continued to move lower owing to bearish sentiment in the nearby Chinese market as well as weakening energy costs. Import homo-PP injection and raffia prices declined $30/ton on the high end to be quoted at $850-930/ton CIF SEA, cash equivalent basis. A trader who reported concluding deals for Saudi Arabian raffia at $860/ton CIF stated, "We opened the week at $900/ton, but were not able to sell until we lowered our offers to $860/ton. Towards the end of the week, we lowered our prices once again to $850/ton and are now hearing bids from buyers as low as $800/ton." Another trader offering Saudi Arabian raffia at $890/ton said, "We are not seeing much interest at this level and we believe that we will need to come down to $870/ton to conclude deals. We have received a few bids at $800/ton but we do not expect the market to actually drop that far." Prices in the region’s local markets also came down on the week. "Local prices witnessed further reductions this week as many buyers claim to be covered. We are only active in the local market these days as we do not find import prices to be competitive," a distributor based in Vietnam commented. A distributor based in Thailand said that local prices declined around THB1000/ton ($28/ton), adding, "Demand is limited and several sellers are reportedly struggling with high inventory levels."