This week, PP spot prices continued to witness a sharp gain in the European region.
An industry source in Europe informed a Polymerupdate team member, “A bullish pricing sentiment continued to persevere in the European PP markets as spot prices gained on the back of tight supplies with a pickup in replenishment activity by participants. The uptrend in spot prices was also triggered by a decline in lower offers as European sellers scouted trade opportunities in export markets in hopes of better netbacks."
The source added, “End-users have been increasingly restocking material as a precautionary measure to offset the risk of delayed PP deliveries from the Middle East. However, the propylene value chain has adopted a cautious approach with demand continuing to remain tepid across key derivative industry segments like packaging and construction amid adverse macroeconomic conditions.”
In the spot markets, PP injection moulding grade prices were assessed at the Euro 1065-1075/mt FD North West Europe mark, a sharp gain of Euro (+45/mt) from last week. PP block copolymer grade prices were assessed at the Euro 1125-1135/mt FD Northwest Europe levels, a week on week surge of Euro (+45/mt).
In the contract markets, PP injection moulding grade prices were assessed at the Euro 1310-1315/mt FD NWE Germany and FD NWE France levels, both remaining flat from the previous week. PP injection moulding grade prices were assessed at the Euro 1300-1305/mt FD NWE Italy levels, unchanged week on week. Meanwhile, PP injection moulding grade prices were assessed at the GBP 1120-1125/mt FD NWE UK levels, a drop of GBP (-5/mt) from last week.
In the contract markets, PP block copolymer grade prices were assessed at the Euro 1390-1395/mt FD NWE Germany and FD NWE France levels, both rolled over week on week. PP block copolymer grade prices were assessed at the Euro 1380-1385/mt FD NWE Italy levels, constant from the previous week. Meanwhile, PP block copolymer grade prices were assessed at the GBP 1190-1195/mt FD NWE UK levels, a week on week fall of GBP (-5/mt).
FCA Antwerp PP homopolymer prices were assessed at the Euro 1050-1080/mt levels, a spike of Euro (+50/mt) from last week. FCA Antwerp PP copolymer prices were assessed at the Euro 1100-1130/mt levels, sharply higher by Euro (+40/mt) week on week.
Upstream propylene spot prices on Thursday were assessed at the Euro 900-910/mt FD Northwest Europe levels, an increase of Euro (+25/mt) from the previous week.
European propylene feedstock contract price for January 2024 settled at the Euro 1050/MT FD North West Europe levels. This price represents a rollover from its December 2023 settlement levels.
