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Naphtha touches 26-month high, propylene prices dip
23
Nov '10
In the just concluded week, Asian propylene price fell US $20-70 in spot market, due to the impact of drop in crude oil futures price and downstream PP price. The market had increased by $90-145 / ton, in the previous two weeks under the drive of speculative trade.

In the Chinese market, propylene price in Shandong fell 1,000 Yuan to 10400-10500 Yuan / ton (ex-warehouse) on Friday, against 11,000 Yuan / ton (ex-warehouse) on Wednesday.

In Northeast Asia, price fell $30-45 to $1220-1285 / ton (CFR Northeast Asia / China), due to the influence of recent reduction in PP price and crude oil price.

In Southeast Asia, price dropped by $20-40 to $1140-1160 / ton (CFR South East Asia), reflecting the trend of the Chinese market.

In the FOB Northeast Asian market, discussion level of December shipments was about $1100 / ton.

In FOB Southeast Asian market, buying intention from buyers fell to $1,000 / ton, due to the decline in Chinese market. Some traders said it was difficult to reach arbitrage trade between Southeast and Northeast Asia, as freight charges for shipment in the first half of December rose by over $200.

Market opinions were mixed over market trend. Naphtha rose to a 26-month high at $801-804 / ton (CFR) on Friday, supported by global crude oil futures which rose above $82 / barrel.

Fibre2fashion News Desk

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