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China PE, PP to extend gains post-holidays on restocking

January 20/2011

(ICIS) -- Chinas polyethylene (PE) and polypropylene (PP) prices may continue to increase after the week-long Lunar New Year holiday in early February, on restocking activity, industry sources said on Thursday.


Negotiations for February shipment of some Middle East and Asian PE and PP grades had begun this week, with deals cited at least $10-20/tonne (?7.4-14.8/tonne) higher than previous transactions, market sources said. Price spikes of the same magnitude were expected after the holidays, they said.


Strong feedstock costs will keep Asian polyolefins prices firm through next week even with the slowing down of trades ahead of the Lunar New Year festivities in China on 2-8 February.


Spot ethylene prices in Asia had risen to $1,230-1,250/tonne CFR (cost and freight) northeast Asia on Wednesday, $50-60/tonne higher from four weeks ago, while propylene prices were up $60-70/tonne over the same period at $1,330-1,350/tonne CFR China, on the back of firm crude values, according to ICIS data.


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