February PP deals concluded much higher than last month in China

13-Jan-10

According to market players in China, a couple of overseas producers have managed to conclude February deals for PP about US$100-150/ton higher from their January levels, as per Chemorbis; mainly due to higher propylene feedstock costs, and their restricted availability. A Middle Eastern producer, who began the year with initial February homo-PP offers US$100-130/ton higher than January, has successfully sold out their allocations at US$1320/ton CFR China after implementing an additional increase of US$20/ton late last week. Meanwhile, a South Korean producer, who announced February offers for homo-PP raffia with a US$100/ton hike, has achieved some sales at their new offer levels of US$1300/ton with the same terms. In the PP copolymer market, a South Korean producer is reported to they have finalized February business at US$1420/ton CFR China, which represented an increase of US$140/ton over January, adding that their allocation was quite limited and they mainly offered to re-exporters for the month.