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In Europe propylene under intense bearish pressure

July 22/2011

(ICIS) -- The European propylene market is coming under intense downward pressure because of lower-than-expected demand. This is caused by technical problems at certain derivatives exacerbating an already weak situation on its key derivative polypropylene (PP), market sources said on Friday.

Reduced consumption means propylene supplies are building, and some producers and even some consumers are urgently looking to offload volumes. This is despite some cracker reductions that had been implemented in June and ramped up in some areas in July, to re-balance the ethylene market.
As a result, spot prices have been falling and latest indications suggest that even EUR 850Ц900/tonne (USD 1.214Ц1.285/tonne) CIF (cost insurance freight) NWE (northwest Europe) for polymer-grade is finding no buying interest.

Chemical-grade prices are being heard at around EUR 800/tonne on the inland market, while on the coastal market prices could be below EUR 700/tonne and near the propane value to make an export workable. 

Tags:PP, propylene.
Category:General News
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