China's spot propylene price fell during the mid-period of last week, as November cargoes had been delivered. China increased its interest rate by 25 basis points to 5.56 percent, which affected the entire market.
Propylene price started its drop from US $1,240 / ton (CFR China) on Monday and fell to $1190-1195/ ton (CFR China) on Thursday.
Several ports, including Tianjin and Lianyungang, closed for maintenance in the week. Traders said that most buyers were still on the sidelines, price fell to US $1,200 / ton (CFR) or below and expectations are that, prices may fall further in the next few weeks.
In Northeast Asia, a few deals were reached at US $1190-1250 / ton (CFR China), reflecting the rapid decline in prices during the mid-week period.
In Southeast Asia, a new deal was reached at $1110-1130 / ton (CFR South East Asia), which is expected to prove helpful to push up prices.
Fibre2fashion News Desk - China
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