Polypropylene (PP) prices firmed in Asia last week but doubts have surfaced on the sticking power of the increase. PP prices rose on firmer propylene costs and improved demand in the key markets of India and China. On Thursday, PP injection and raffia grades were assessed at $1400/tonne CFR Far East, down from Wednesday but up more than $25/tonne on the week. PP film prices hit $1410/tonne CFR Far East Asia while block copolymer prices were assessed at $1385/tonne CFR Far East Asia.
Polyethylene (PE) prices were higher, with high-density PE climbing on improved buying trends in India and China, firmer energy rates, and gains in ethylene. HDPE injection molding prices rose to $1325/tonne CFR Far East Asia while HDPE film prices shot up $40/tonne to $1335/tonne. Prices of HDPE injection and blowmolding grades in South East Asia rose to $1350/tonne CFR while HDPE film prices were assessed at $1355/tonne CFR South East Asia. LyondellBasell's offers for HDPE film to India hit the $1330/tonne CFR mark, however no business was heard sealed at this price level. Offers from PTTPM were at $1320/tonne CFR mark. In China, domestic prices of HDPE film were at Yuan 11100/tonne ex works mark.
Asian low-density PE prices were also higher as local demand rose. General purpose LDPE prices rose to $1400/tonne CFR Far East Asia while CFR South East Asia prices were assessed at $1420/tonne. Offers to India from Qatar were at between $1430/tonne to $1460/tonne CFR while offers from PTTPM were at $1440/tonne CFR. No interest was heard at these prices, however.
Polyvinyl chloride (PVC) were stable although demand was not robust. Sellers did claim some need based on buying in a few key regional markets that allowed them not to reduce their rates any further. Also supporting steady prices last week were unchanged assessed prices of ethylene dichloride (EDC) and vinyl chlorine monomer (VCM). CFR China prices of PVC were assessed at $865/tonne while CFR South East Asia prices were assessed at $870/tonne.
Offers to India were up. Taiwan's Formosa and South Korea's Hanwha priced their November PVC offers to India at $930/tonne CFR. Some quantities were heard sold at this price. Offers for November from Ineos, in Europe were at $900/tonne, a price at which all allocated quantities for India were said to be sold out. PVC offers to India from the U.S. were at $870/tonne CFR. In China, ethylene-based PVC were offered at between Yuan 6600/tonne to Yuan 6800/tonne.
Polystyrene (PS) prices declined in Asia on subdued buying trends coupled with a fall in styrene monomer (SM) rates pushing spot general-purpose and high-impact PS lower. While CFR China prices of GPPS were assessed down at $1420/tonne, CFR South East Asia prices were assessed down at $1440/tonne. HIPS prices were assessed down at $1620/tonne CFR China while CFR South East Asia prices were assessed down at $1640/tonne.
Acrylonitrile butadiene (ABS) prices declined in Asia last week, falling on muted regional buying trends and fresh worries about the frail health of the European economy. CFR China prices of ABS were assessed down at $1810/tonne, a week-on-week slide of $40/tonne. CFR South East Asia prices were assessed down at $1830/tonne. Weak upstream butadiene costs and a fall in SM prices on Thursday, kept the bearish pressures on spot ABS rates ticking last Friday morning. In China, local ABS prices were down on Thursday at Yuan 14900/tonne, a week-on-week slump of Yuan 500/tonne.
