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Spot propylene dips in past week
Dec '10
In the past week, spot price of Asian propylene fell US $10-20, due to weak demand of derivatives prices in China's domestic market. Trade activities have gradually weakened, because of the congestion at China's major ports over the past few weeks.

In Northeast Asia, propylene stock valuation fell US $10 to $1280-1315 / ton (CFR Northeast Asia), reflecting the level of transaction and consultation.

In China's domestic market, propylene price in Shandong fell 200-300 Yuan to 10300-10400 Yuan / ton (ex-warehouse), due to adequate inventory and lower demand of PP market.

In the FOB Northeast Asian market, it was said that two ships of cargo for shipment in January were traded at $1270-1275 / ton (FOB Korea), but details were unknown.

It was said that a deal was reached at US $1,270 / ton (FOB Taiwan), for shipment in January, but could not be confirmed. Market traders felt the price was higher than general CFR China price.

In Southeast Asia, price fell $10-20 to $1200-1220 / ton (CFR South East Asia), reflecting lower offers and market transactions were light.

In the FOB Southeast Asian market, purchase intention was US $1100/ ton (FOB South East Asia), negotiation over price was scarce and firm offers were few.

Cold weather and snow have delayed transportation, resulting in high inventories of shore tanks. Sources say that port congestion can be improved after the Chinese New Year holidays in early February.

Meanwhile, naphtha cracking plants in Asia briefly suspended their operations earlier in the week, however, created a limited impact on the spot market, due to ample supply and sluggish demand.

Market participants widely expect that propylene price will rise marginally in December and January, as the derivatives market enters off-season, towards the start of the next year. In addition, cracking factories are scheduled to start maintenance in second quarter of next year.

Fibre2fashion News Desk - India

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