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(ICIS) -- Spot polypropylene (PP) prices
have tumbled by around $140/tonne, an 8% fall for July cargoes in the Middle
East from June, as producers in the Gulf Cooperation Council (GCC) region
slashed offers after the recent price fall in the China market, industry sources
said on Tuesday.
On Tuesday, prices for PP raffia were discussed at USD 1.510–1.530/tonne
(EUR 1.057-1.071/tonne) DEL (delivered) Dubai and at USD 1.470–1.480/tonne DEL
Saudi Arabia, regional players said.
PP prices have fallen by nearly 12% since a downturn began in mid-May
from a 10-month high.
GCC producers have had to reduce offers in a bid to
attract buyers in a bearish market, and to reduce mounting inventories.
Regional makers said that they had no plans to reduce operating rates,
but instead aimed to seek more outlets for their products, such as
Africa.
mrcplast.com
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