This week, PP prices climbed in the European region.
An industry source in Europe informed a Polymerupdate team member, “Prices gained in the European PP market owing to supply constraints brought about by a significant drop in import shipments from the Middle East and Asia with an escalation in Red Sea tensions. The short supply situation has prompted many buyers to seek material from domestic sellers. Meanwhile, spot prices have witnessed an uptrend in the continent as material shortages and delivery disruptions become a common occurrence due to labour strikes."
The source added, “Sellers are reportedly seeking hefty price hikes in contractual negotiations citing tightening supplies. However, buyers were displaying a marked resistance in accepting these hikes.”
In the spot markets, PP injection moulding grade prices were assessed at the Euro 1195-1205/mt FD North West Europe mark, a sharp week on week rise of Euro (+40/mt). PP block copolymer grade prices were assessed at the Euro 1265-1275/mt FD Northwest Europe levels, a spike of Euro (+40/mt) from last week.
In the contract markets, PP injection moulding grade prices were assessed at the Euro 1385-1390/mt FD NWE Germany and FD NWE France levels, both rising by Euro (+15/mt) week on week. PP injection moulding grade prices were assessed at the Euro 1375-1380/mt FD NWE Italy levels, a gain of Euro (+15/mt) from last week. Meanwhile, PP injection moulding grade prices were assessed at the GBP 1180-1185/mt FD NWE UK levels, week on week up by GBP (+15/mt).
In the contract markets, PP block copolymer grade prices were assessed at the Euro 1455-1460/mt FD NWE Germany and FD NWE France levels, both higher by Euro (+15/mt) from the previous week. PP block copolymer grade prices were assessed at the Euro 1445-1450/mt FD NWE Italy levels, a week on week rise of Euro (+15/mt). Meanwhile, PP block copolymer grade prices were assessed at the GBP 1240-1245/mt FD NWE UK levels, up GBP (+15/mt) from the previous week.
FCA Antwerp PP homopolymer prices were assessed at the Euro 1170-1200/mt levels, higher by Euro (+30/mt) week on week. FCA Antwerp PP copolymer prices were assessed at the Euro 1240-1270/mt levels, a sharp week on week gain of Euro (+40/mt).
Upstream propylene spot prices on Thursday were assessed at the Euro 995-1005/mt FD Northwest Europe levels, a marginal week on week rise of Euro (+10/mt).
European propylene feedstock contract price for February 2024 settled at the Euro 1065/MT FD North West Europe levels. This price represents a gain of Euro 15/mt from its January 2024 settlement levels.
