MOSCOW (MRC) -- The September contract price of propylene was settled in Europe down by EUR50/tonne from the previous month. Therefore, all European producers announced a reduction in export polypropylene (PP) prices for September shipments to the CIS markets, according to ICIS-MRC Price report.
Negotiations over September prices of European PP have begun at the beginning of this week. All market participants said European producers reduced their export prices of propylene polymers for this month's shipments, but in some cases, the price decrease was less than the cut in prices of European propylene.
Deals for September shipments of propylene homopolymers (homopolymer PP) were discussed in the range of EUR1,005-1,055/tonne FCA, down by EUR30-50/tonne from August. Deals for block copolymers of propylene (PP block copolymers) were negotiated in the range of EUR1,090-1,130/tonne FCA, also down by an average of EUR30-50/tonne from the previous month.
Some European producers had restrictions for export shipments, but they were not critical for most buyers. Consumers partially met their needs for PP due to deliveries from the Middle East.
MRC