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Asian spot propylene prices gain in third consecutive week
Jan '11
Spot market prices of Asian propylene gained for the third consecutive week, as dealers anticipated a number of cracking plants would plan for maintenance in the first and second quarters this year, so supply will be tight, which provides support to offers.

Trade activities reduced due to a large gap between offers and bids. Traders postponed price negotiation for cargo for shipment in the second half of February, due to higher prices. It is expected that the congestion at Chinese ports will be resolved in early February after the Spring Festival holiday.

Demand is expected to ease after the Chinese New Year holiday, supply in Asia will be tight next month, and spot prices will rise.

Buyers in Chinese market doubt if propylene prices could rise, because end users in PP derivatives market may reduce production, if they could not pass on rising costs of production

Downstream demand for acrylate, oxygenated ethanol and propylene oxide remains strong, while demand for derivatives PP has started to slow down, due to the approaching of Spring Festival holiday, sources said.

In Northeast Asia, propylene prices rose US $15-20 to $1340-1360 / ton (CFR Northeast Asia / China), reflecting the level of transaction, as well as offers and bids.

In the FOB Northeast Asian market, purchase intention was US $1200/ ton (FOB Japan) and US $1300-1320/ ton (FOB Korea), being consistent with recent market trends in China. It was said that a cargo was offered at US $1320/ ton (FOB Taiwan), but failed to grab nay buyers.

In Southeast Asia, spot prices rose US $20 to US $1270-1280 / ton (CFR South East Asia), reflecting a higher level of offers and bids.

In FOB Southeast Asian market, purchase intention rose to US $1190-1210/ ton (FOB South East Asia), in line with strong price trend of CFR.

In China's domestic market, propylene price rose 100-150 Yuan earlier in the previous week. Shandong market rose to 10700-10750 Yuan / ton (ex-warehouse), East China market rose to 10500-10600 Yuan / ton (ex-warehouse), due to reduced operating rates by local refinery plants before the Spring Festival.

Fibre2fashion News Desk

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