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Propylene witnesses mixed trends in spot market

30
Jun '10
In the previous week, spot market prices of propylene were mixed in Asia. Transaction price was above US $1100 / ton (CFR China), but fell below $1,000 / ton (CFR China). Most buyers retreated to sidelines, due to limited storage space and market trade was scarce.

In the Northeast Asian market, price gap of spot propylene widened $10 in the week to $1040-1110/ ton (CFR Northeast Asia).

Zhenhai Refining & Chemical started operation of PP production line (300,000 tons / year) in late June; the market worries PP prices would decline further. PP flat yarn price fell 10 cents in the week to $1180-1200/ ton (CFR China).

Market sources revealed that, in the arbitrage market, price negotiations were under way to test whether there are opportunities to sell 5,000 tons of frozen propylene cargoes with shipment in the second half of August from Brazil to Northeast Asia.

Sales intention was close to $1050/ ton (CFR North East Asia), but purchase price intended at $1000-1050 / ton (CFR North East Asia). Some traders said some cargoes might be shipped to Indian market, but details were unknown.

Earlier this week, two ships were reported to have arrived in the first half of July at $1125/ ton (CFR China), but details were unknown. Low price level was at $1080-1110/ ton (CFR China), but no deal reached due to large price gap.

Several merchants said general purchase price was below $1,100 / ton (CFR China), while some sellers said it was difficult to reach deal at $1120-1130/ ton (CFR China).

It was confirmed that mid-July shipment was sold at $1040/ ton (CFR China), but domestic traders sold a cargo of mid-July shipment of ocean freight at $1,020(CFR China) to an end user.

On Friday, purchase intention was at $1050-1100 / ton (CFR Northeast Asia), selling intention from dealers was at $1100-1130 / ton (CFR Northeast Asia). An end user said he received an offer of shipment from Southeast Asia at $1080/ ton (CFR China).

In East China, domestic price stabilized at 8,800 Yuan / ton (ex-warehouse), in Shandong region, while ex-warehouse price was around 9,000 Yuan / ton.

In the FOB Northeast Asian market, it was said that a cargo for July shipment was sold to a dealer at $1070 / ton (FOB) in early week. Some market traders said the price represented market conditions, as sales intention was $1090/ ton (FOB Korea).

In Southeast Asian market, spread between offers and bids was wide, market price was at $995-1050 / ton (CFR South East Asia), and however, transactions were light, due to wide negotiation scope.

PP makers said they received offers at $1,100/ ton (CFR South East Asia), but July needs have been met. Purchase intention was at US $1000-1050/ ton (CFR South East Asia), as PP price was at US $1200 / ton (CFR South East Asia).

Some price negotiation ranged US $980-1000 / ton (CFR South East Asia), but the shipment was final sold to China, where price was slightly higher.

Fibre2fashion News Desk


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