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Propylene spot prices display mixed reactions

21
Jul '10
Propylene spot prices in Asian market were mixed last week. Fundamentals of PP and PO in downstream derivatives market weakened, making propylene market cautious.

Sales price target determined by traders / sellers was US $1,100 / ton (CFR China). But prices for Southeast Asian cargo and deep-water cargo were lower.

In early week, 4,000 tons of deep-water cargo was traded at $1020-1050 / ton (CFR China), the cargo will probably arrive in the second half of August. Later on about 2,500 tons of cargo was sold at $1025 / ton (CFR China) to an end user.

Remaining 2500-3000 tons of deep-water cargo was quoted at $1,000 / ton (CFR), but it was unclear whether the deal was reached or not.

In the Chinese domestic market, price rose 100 Yuan to 8,400 Yuan / ton (ex-warehouse) in East China, while the ex-warehouse price in Shandong province stood at 8,500-8,600 Yuan / ton.

In Northeast Asia, spot price of propylene was assessed at $1020-1085/ ton (CFR Northeast Asia). An FCC plant with propylene capacity of 120,000 tons / year in Shanghai, China has declared an accidental outage.

Propylene cargo for shipment in early August to mid-August to Northeast Asia and Southeast Asia were traded at $1060-1085/ ton (CFR China).

In FOB Northeast Asian market, selling intention was $1050 / ton (FOB Korea), but buying intention was hovering around $1000 / ton (FOB Korea).

In Southeast Asia, propylene price dropped $20 to $950-1000 / ton (CFR). Selling intention was $1000 / ton (CFR South East Asia), while purchase intention was $900-985 / ton (CFR South East).

In FOB Southeast Asian market, some goods to be shipped in August were sold at $800-900 / ton to US $900 / ton; these goods were mainly shipped to destinations in Northeast Asia.

Singapore's Planning Department released the latest statistics showing that Singapore's propylene exports were 21,571 tons in June, of which 10,000 tons of the cargo was exported to Indonesia; another 11,500 tons of cargo were exported to mainland China and Taiwan.

Fibre2fashion News Desk


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