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China propylene to extend falls on weak demand

December 07/2011
(ICIS) -- Chinas domestic propylene prices will likely fall further in the coming weeks because of weak demand, market sources said on Wednesday.

Spot prices closed at yuan (CNY) 9,300-9,350/tonne (USD1,467-1,475/tonne) ex-tank in Shandong province on Wednesday, down by CNY50-100/tonne from Tuesday, according to Chemease, an ICIS service in China.

The demand from powered polypropylene (PP) sector is very weak amid falling prices, an east China-based propylene producer said.

Many downstream small weaving bags factories will shut down in early January next year as Chinas Lunar New Year comes earlier than before. That means the demand in the next month will not improve, he said.


The Lunar New Year will be celebrated in China on 22-28 January next year.
Most propylene producers rush to offload cargoes at lower prices towards the end of the year, weighing on product prices, market sources said.


Chinas energy giant Sinopec has reduced its propylene offer by CNY200/tonne to CNY9,200-9,300/tonne ex-tank to cope with the lacklustre market condition, a company source said.

 

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