Asian sellers down revise PP offers in a bid to liquidate cargoes: find few buyers

07-Nov-08

Polypropylene prices in Asia have dipped by another hundred dollars this week, on a move by sellers to down revise offers in a bid to liquidate cargoes. PP prices in Asia deteriorated below US$700/MT CFR China for November shipment. CFR China offers for injection grade as well as yarn from South Korea hover around US$660/MT, and about fifty dollars lower from the Middle East. Even as sellers offers drop, Asian buyers seem buyers are wary of fresh purchases, in anticipation of a further price drop of hundred dollars in the near future.