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Propylene market sentiment cautious
Nov '10
Propylene market sentiment was cautious in the just concluded week, price range of spot market transactions narrowed in Asia. Bargaining in polypropylene market, firmly supported propylene price, but due to larger spread between offers and bids, transactions were limited.

In Northeast Asia, valuation range of stock narrowed to $1230-1260 / ton (CFR Northeast Asia / China). In FOB Northeast Asian market, 3-5 cargoes to be shipped in December / January were traded at $1130-1150 / ton (FOB Japan). Intention from buyers was $1100 / ton (FOB Japan).

Purchase intention of FOB Korea price fell to US $1100 / ton (FOB Korea). Firm offers were absent, market trade was light. In Southeast Asia, spot price rose slightly by $10-40 to $1150-1200 / ton (CFR South East Asia), being supported by tightening supply

In FOB Southeast Asian market, purchase intention was $1,000 / ton, due to sluggish buying interest. But offers rose to $1100-1120 / ton (FOB South East Asia) due to short supply.

Traders held cautious stance overall, due to market volatility and uncertain price of crude oil futures. The second naphtha cracker of Taiwan's Formosa Petrochemical Corporation successfully restarted and excess supply from Japan suppressed spot price of propylene.

However, Chinese manufacturing plants announced that they will reduce ethylene / propylene yield in December and a few crackers in Southeast Asia are under ongoing maintenance, which offset the impact to some extent.

Sinopec will reduce ethylene production by 10-15 percent in December, to ease shortage of diesel supply in some areas. Sinopec's ethylene production is expected to reduce by 100,000 tons in December and propylene output is expected to decline by about 50,000 tons.

At the same time, Indian Oil has canceled its tender of 5-6 cargoes to be shipped in December, because of unexpected equipment repair of RFCC plants for a week. Delivery time of some cargoes to be shipped in November has also been delayed.

The market sank into stalemate, because Chinese buyers have basically completed their cargo demand for December and are waiting for clear guideline in price trends.

Fibre2fashion News Desk

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