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Propylene prices slip across Asian markets
07
Jul '10
Propylene prices in Asian spot market fell US $15-30 / ton in the previous week, as upstream crude oil prices retreated to $70 / barrel. In the process, downstream derivatives market also reduced.

Most cargoes were traded below $1,100 / ton (CFR Northeast Asia) mark, while Chinese market was slow, as storage space for July cargo was limited, end users worried about prospects of derivatives market conditions, they were reluctant to purchase cargo under the background of declining domestic prices.

Limited sales of Southeast Asian spot cargo and ample supply in the region also contributed to the sluggish market in the week.

Arbitrage shipments slowed down, the opportunity for 5,000 tons of cargo with shipment in August to export from South America to Asia still exists. Buyer's bids were US $1000/ ton (CFR China), but did not receive any response from traders.

In Northeast Asia, propylene spot prices fell $30 to $1,040-1,080 / ton (CFR China). Ex-warehouse price of propylene fell 200 Yuan / ton to 8,600 Yuan / ton in East China and In Shandong, the ex-warehouse price fell 400 Yuan / ton to 8,600 Yuan / ton in Shandong.

In the FOB Northeast Asian market, sales intention of South Korean cargo for shipment in the second half of July remained at 1,000 / ton (FOB Korea), but purchase intention of traders was $1,000-1,030 / ton (FOB Korea).

In Southeast Asia, propylene prices fell $15-30 to $980-1030 / ton (CFR South East Asia). Some cargoes with shipment by end-July were traded at $985/ ton (CFR Indonesia) on Friday.

Selling intention of sellers was $1000-1030 / ton (CFR South East Asia) on the week, while purchase intention from buyers was $980-1000 / ton.

Buyer's interest reduced, as most of end-users have completed their requirements for July, so they are not anxious to buy spot cargoes. 3,000 tons of frozen cargo for arrival in mid-August is still open for sale. Offers for the same were $1050/ ton (CFR South East Asia), but buyers showed no interest.

Fibre2fashion News Desk

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