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Asian spot propylene price continues to rise
15
Feb '11
During the past week, Asian propylene price continued to rise in spot market, because sellers increased offers on expectation of tight supply situation. Cracker overhauling is expected to begin by the end of this month, which will lead to tight supply.

Traders remain bullish towards market outlook, as more than 11 sets of crackers will shut down for maintenance in the first half of this year. Equipment maintenance programs are mainly concentrated in March and April.

In addition, downstream manufacturers of derivative products are still enjoying robust profits in production; therefore, they can withstand higher cost of propylene. New factories in China will start operation soon; they are expected to absorb some spot cargoes.

After the Chinese government raised interest rate on February 8, buyers became cautious, China's domestic price was still lower than imported propylene price, and it made buyers hesitant. Price rose sharply on February 9 to US $1450 / ton (CFR Northeast Asia) or higher, but most buyers were still sitting on the sidelines. PP producers said rising cost of propylene squeezed their profits.

Propylene spot price increased by $40-70 to $1410-1450 / ton in Northeast Asia (CFR Northeast Asia). In the Chinese market, propylene price remained stable at 10,750 Yuan / ton (ex-warehouse in Shandong). Spot price in east China also remained stable at 10500-10600 Yuan / ton (ex-warehouse).

Propylene spot price jumped about $100 to $1400-1440 / ton in Southeast Asia (CFR South East Asia), price differential narrowed with Northeast Asian market, as equipment maintenance will start soon, which will lead to supply shortage.

In FOB Southeast Asian market, a number of spot cargoes with shipment in mid-February were sold at $1,330 / ton (FOB Thailand). At present, sales intention rose to $1,350 / ton (FOB South East Asia).

Fibre2fashion News Desk - China

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