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Chinese demand may propel propylene prices

26
Feb '10
Naphtha and crude oil prices have rebounded in the week and some propylene sellers are insisting on a higher target price of about US $1250 per ton (CFR Northeast Asia), because they expect purchases from China to increase after the holidays. However, some buyers insisted on a price lower than $1200 per ton (CFR China).

In the Northeast Asia market, propylene spot price stood at $1150-1250 per ton (CFR Northeast Asia), although transactions were far and few between. It was reported that there were some cargoes available for sale in Middle East at a price of about $1200 per ton (CFR China), for arrivals at end of March, but no deal was reached.

Market participants said price in Shandong province, China was still substantially lower than RMB 10,000 / ton (ex-warehouse). In the Northeast Asian market, intention of selling price was about $1200 per ton, for arrivals in March.

In Southeast Asia, spot price fell by $10-20 per ton, to $1130-1180 per ton (CFR South East Asia), reflecting the level of sporadic trading and bargaining in the market.

Fibre2fashion News Desk - China


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