February 1, 2008
PP prices continued to quote firm in Asia in late January. Bullish upstream prices of propylene coupled with a conspicuous absence in Asia of deep-sea PP cargoes originating from the U.S. together supported sellers who were defending their offers firmly. A trader in conversation with a Polymerupdate team member said that CFR offers to some markets across South Asia for PP injection and raffia grades are above the $1550 to $1560/tonne CFR levels. PP offers to other markets of South Asia from Middle East sellers have surfaced at above the $1580/tonne CFR L/C sight levels.
Polymerupdate.com also reports that GPPS and HIPS contract prices in Europe in late January were assessed at euro 1360/tonne and euro1405/tonne FD North West Europe levels, respectively. These rates, although stable from the week before, did represent an increase of euro 30/tonne from December contract price settlements.
Also, PP suppliers in Europe reported that contract-price settlements for January came in at euro1275/tonne FD North West Europe levels for injection-grade materials, a gain over December settlements. ABS general-purpose and natural-grade contact prices in Europe ended in the last week of January unchanged from the week before at euro 1670/tonne FD North West Europe levels.
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