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Trading remains subdued in Asian propylene markets
28
Sep '10
In the past week, Asian propylene valuation was at $1155-1180 / ton (CFR Northeast Asia), reflecting the levels of bids and offers, as well as transactions. Market transactions decreased in Northeast Asia, as Japan, Korea and China were in public holidays.

Supply in key Chinese market was adequate, in addition, downstream transactions of PP and PO were in the doldrums, and spot prices faced pressure. Sources said most end-users had their October demand already met, and thus they were on sidelines.

October is expected to see excess supply in Japan, as OCU plant will restart, while downstream plant will shut down, the market faces pressure. Traders are aware that short-term price of propylene has limited space for increases; it is not conducive to supply and demand situation.

However, Formosa Petrochemical restarted its No. 1 cracker, No. 2 cracker of FPCC will be restarted in early October, No 4 cracker will be restarted in November, which will promote the market in the second half of October, and especially Chinese traders will start to replenish inventories in early October after Chinese holidays.

Spot prices in Southeast Asia fell $20-30 to $1080-1100 / ton (CFR South East Asia), supply was ample, demand was weak, most end-users found adequate supply for their contracts, so they remained sidelines.

In Northeast Asia, stock valuation was stable at $1155-1180 / ton (CFR Northeast Asia), reflecting the low level of offers and transactions.

In China's domestic market, price in East China was 9400-9600 Yuan / ton (ex-warehouse), price in Shangdong was 9,700 Yuan / ton (ex-factory or ex-warehouse). Supply and demand was basically balanced. Trade was light as China was in public holidays.

In the FOB Northeast Asian market, sales intention was $1100 / ton (FOB), while buying intention was $1100 / ton (FOB). In Southeast Asia, price fell $20-30 to $1080-1100 / ton (CFR South East Asia), reflecting lower level of transactions and consultation.

Fibre2fashion News Desk

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