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Asian spot propylene expands across the board
17
Aug '10
In the last week, spot market prices of propylene in Asian markets increased by US $10-40 / ton across the board, while the market fell in the second half of the week, due to decline in crude oil futures prices and softened domestic prices of polypropylene and other derivatives.

In industrial news, Formosa Petrochemical Refinery has resumed production and the news may pale spot buying interest, and it further affected trade activities in the market at the weekend.

It was reported in the early part of the week that a deep-water cargo will arrive in Libya by the end of September and was traded at $1100 / ton (CFR Northeast Asia), but some traders said arbitrage opportunities were limited, as spot prices in the United States and Europe have increased.

It was said propylene stock produced in India for shipment in September was ready for sale, but no deal could be reached.

In Northeast Asia, propylene stock valuation stood at $1140-1220 / ton (CFR Northeast Asia). In East China, propylene spot price was 9000-9300 Yuan / ton (ex-warehouse), basically unchanged from last week. Over the same period, trade price was 9300 Yuan / ton (ex-warehouse) in Shandong.

In the FOB Northeast Asian market, spot price intention was $1150-1180 / ton. Sales intention of September cargo was about $1200 Yuan / ton (FOB Korea). But no deal was reached. Buyer's intention was close to $1150 / ton (FOB Korea).

In Southeast Asia, propylene spot prices slightly widened to $1050-1080 U.S. dollars / ton (CFR South East Asia). A new capacity of 150,000 tons / year, polypropylene plant in Vietnam has been put on operation; which could lead to reduced exports of propylene from Vietnam.

In the FOB Southeast Asian market, a regional producer is said to have received buying intention from an end-user for September shipment, intended bids and offers ranged between $1000-1050 / ton.

Fibre2fashion News Desk

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