Propylene prices tumble in Asia on increasing inventories

16-Sep-08
Mounting stocks with propylene producers in Asia caused by weakened downstream demand on account of production cuts by PP and ACN makers, has exerted pressures on propylene prices. Propylene prices in Asia have sunk by about 300 dollars this week as many PP and ACN makers in Asia have cut back operating rates to 70-75%. October shipment offers from Japan and South Korea have been heard at a scaled down level of US$1250/MT CFR China. These lowered offers also fail to invoke interest in Chinese buyers, who are reluctant to express interest at levels higher than the 1200 mark.
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