Slowing Chinese demand triggers US$300 drop in Asian PP prices post-July

21-Aug-08
Record high Asian PP prices which surged past US$2000/MT in the first week of July, have witnessed a major drop of US$300 since then. Owing to transportation curbs in China during the Olympics, the PP inventories are oversaturated thereby softening the week-on-week price by fifty dollars. More so, a resurgence of PP prices by over fifty dollars in the Chinese domestic markets this week reflecting reduced operating rates by local producers also did not help the cause.
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