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Spot propylene prices tumble down from peak

01
Dec '09
In the just concluded week, spot propylene price in Asia rose to new 2009 peaks, but on Friday, shed the gains to fall from US $1,180 per ton (CFR China) to $1,140 per ton (CFR China), effect of a fall in international crude prices.

It is reported that a sea cargo scheduled to arrive in January was traded at a price lower than $1,050 per ton (CFR Taiwan) in the week, thereby aggravating the uncertainty of the market. But for most of the week, propylene price was supported by China's downstream markets of acrylonitrile and acrylic.

In case of markets of Northeast Asia, just one or two shipments were traded in the region at the level of $1,170-1,180 per ton (CFR China). South Korea and Japan sold cargoes to Chinese end-users as these buyers want to increase their yields.

In the week, price of acrylic acid rocketed to 1,300 Yuan per ton, being supported by tight supply, while price of acrylonitrile exceeded $1,700/ ton (CFR). In China, inventory space for December arrivals is limited, which restricts buyer's import capacity.

In Southeast Asia, it was reported that a batch of deep-water cargo from Brazil / Libya was sold to a manufacturer of polymer products at $1,030-1,050 / ton (CFR Indonesia).

It is reported that demand from polypropylene producers is weak, so most sellers are taking the opportunity to build inventory, as sales have slowed down in lower reaches.

Fibre2fashion News Desk - China


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