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Propylene price retreats in previous week

15
Jul '10
In the previous week, Asian propylene spot market fell US $10-50 / ton, due to general weakness in derivatives market. But spot price stopped falling by mid-week on news that No. 1 cracker (with production capacity of 700,000 tons / year) of Formosa Petrochemical accidentally shut down and may be closed for 2-3 months.

Another plant of No. 2 cracker located in the same area with a capacity of 1.03 million tons/ year is planned to shut down for maintenance in late August, some sources say the scheduled maintenance will extend to late October. The PP plant (with capacity of 450,000 tons / year) and the natural acrylic plant (with capacity of 160,000 tons / year) under Formosa are operating at normal production capacities.

In Northeast Asia, spot price of propylene fell $10 to $1,030-1,070 / ton (CFR China), reflecting the level of the week's negotiations and transactions. In China, ex-warehouse price fell to 8100-8200 Yuan / ton in early week, but rose slightly to 8,300 Yuan / ton on Friday.

In East China, price fell 300 Yuan to 8300 Yuan / ton. Some distributors reported that sales volume increased last week, but prices seem very difficult to increase.

In other parts of Northeast Asia, purchase price of sporadic cargo for arrivals in August was 1040-1050 / ton (CFR), but negotiation was light as buyers and sellers were watching at sidelines. It was reported that a deal was made at $1080-1090/ ton (CFR Northeast Asia), but the buyer was unknown.

In FOB Northeast Asian market, a major manufacturer sold to traders several July and August shipment at $1000-1020 / ton (FOB Korea). Sales intention rose to $1,050/ ton (FOB Korea) Friday, but purchase intention was $1,000 / ton.

In Southeast Asia, propylene price fell $10-30 to $950-1,020 / ton (CFR South East Asia). Sales intention was $1000 / ton (CFR South East Asia) during the week, but demand of local PP manufacturers was satisfied, so they did not bid.

Consultation price for August shipment in terms of FOB Southeast was $900 / ton, tending to formula price. Freight was estimated at US $150/ ton. Another local company said, it received bids above US $900 / ton (FOB Southeast Asia) in previous week.

Fibre2fashion News Desk


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