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GCC PP makers hold May offers high on fewer imports in Pakistan

April 22/2011

(ICIS) -- Gulf Cooperation Council (GCC) polypropylene (PP) makers announced their May offers this week at levels similar to, or at USD10-20/tonne (EUR 6.90-13.80/tonne) higher, than those for April shipments. The uptrend is a result of impending turnarounds at PP units which are expected to lower Pakistans imports, industry sources said on Friday.

Two producers are out of the market because of the upcoming turnarounds, so the market is tighter. We have no choice but to raise offers across the board, a PP maker in the GCC said.

In addition, the persistent strong upstream propylene levels at USD 1.550-1.580/tonne CFR (cost & freight) NE (northeast) Asia were of no consolation to PP makers, as their spread remains below breakeven points.

PP makers in the GCC quoted a wide range of spread of USD 150-200/tonne between propylene and PP to achieve a decent margin, which varies with producers.

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