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Chinas propylene spot prices may not increase further

August 25/2011

(ICIS) -- Chinas propylene spot prices may not increase further as the buying sentiment in the country remains weak amid worries over the global economy and volatile feedstock crude prices, market sources said on Thursday.

The European debt crisis and the prospect of a double-dip recession in the US may affect the demand for finished goods from China, which is the worlds largest manufacturing hub, the sources said.

Chinese producers use petrochemicals to produce a wide range of consumer items from toys to textiles, which are exported to Europe and the US. The weakening demand from these key markets will have a significant impact on the supply chain, the sources added.

Offers and selling ideas for propylene cargoes arriving in September hovered at around USD 1.600/tonne (EUR 1.104/tonne) CFR (cost & freight) China this week, but this was met with weak interest from end-users who preferred to stay on the sidelines.

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