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European polypropylene prices are under downward pressure

November 03/2011

(ICIS) -- European polypropylene (PP) prices are under downward pressure following the settlement of the November propylene contract price, sources said on Thursday.

The European November propylene contract price was fully settled at ?1,013/tonne FD (free delivered) NWE (northwest Europe) on Thursday, down by ?55/tonne ($75/tonne) from October.
I have just put the phone down from settling November with my first supplier, said a medium-sized PP buyer. They have given me a reduction of ?55/tonne.

On a spot basis, net homopolymer injection PP prices are now trading below ?1,100/tonne FD NWE in some cases. The last time this level was reached was in March 2010.

Monthly pricing on a gross basis is now reported at ?1,245/tonne FD NWE at those accounts where the ?55/tonne decrease has been applied. A similar level was also last reported in March 2010. This price is subject to discounts.

Demand in October was not as bad as many had expected, but domestic European volumes were boosted by exports and spot lots to large buyers at keen prices. November demand is expected to be slow, given the current economic climate.

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