Lackluster market sentiments and feeble demand for propylene was witnessed in Asia as a result of very soft downstream demand due to high levels of inventory with polypropylene (PP) producers. These large stockpiles with several downstream PP producers were a result of production cuts and their inability to conclude sales towards China. Pessimism prevailed in the propylene markets and prices plunged by over fifty dollars to US$1400/MT FOB Korea, as pressure to sell increased. Sellers continue to offer CFR China material at around the 1500 mark, but dull demand has weakened buyers bids to US$1450/MT.
25-Aug-08 
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