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Spot polypropylene prices 8% fell for July cargoes in the Middle East

June 28/2011

(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 1.510Ц1.530/tonne (EUR 1.057-1.071/tonne) DEL (delivered) Dubai and at USD 1.470Ц1.480/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.

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