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PP prices in China to fall further through July

June 15/2011

(ICIS) -- Prices of polypropylene (PP) in China are expected to fall further through July, on the back of faltering demand from downstream markets as the government continues to tighten its credit lending polices, market participants said on Wednesday.


The authorities have tightened lending and raised interest rates in a bid to stem accelerating inflation, which hit a 34-month high of 5.5% in May, according to official figures announced on Tuesday.


The central bank on Tuesday also raised the reserve requirement ratio for banks by 50 basis points from June 20.


Downstream manufacturers are facing difficulties in obtaining loans because of the measures, resulting in lower purchasing ability and demand for feedstocks such as PP.


Prices of raffia yarn and injection-grade homopolymer PP were at USD 1.500-1.530/tonne (EUR 1.035-1.056/tonne) CFR China this week, 7.4% or USD 100-140/tonne lower than first-half May levels at USD 1.600-1.670/tonne CFR China.


For block copolymer PP, discussions fell to USD 1.500-1.550/tonne CFR China this week, a sharp dive of USD 120-130/tonne or an average of 7.5%, from USD 1.620-1.680/tonne CFR China three weeks ago, according to data from Chemease, an ICIS service in China.


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