This week, PP prices marched higher in the European region.
An industry source in Europe informed a Polymerupdate team member, “A bullish pricing undertone was observed in the European PP market on account of paucity of material. The short supply situation, brought on by delayed cargo arrivals from the Middle East and Asia as a result of the Red Sea crisis, has prompted buyers to procure material from domestic sources, resulting in spot prices trending higher."
The source added, “Meanwhile, market participants opined that supply-side fundamentals had a key role in driving prices higher even as the overall demand sentiment remained weak.”
In the spot markets, PP injection moulding grade prices were assessed at the Euro 1235-1245/mt FD North West Europe mark, PP block copolymer grade prices were assessed at the Euro 1305-1315/mt FD Northwest Europe levels, both rising sharply by Euro (+40/mt) from the previous week.
In the contract markets, PP injection moulding grade prices were assessed at the Euro 1440-1445/mt FD NWE Germany and FD NWE France levels, both spiked by Euro (+55/mt) week on week. PP injection moulding grade prices were assessed at the Euro 1430-1435/mt FD NWE Italy levels, steeply gaining by Euro (+55/mt) from last week. Meanwhile, PP injection moulding grade prices were assessed at the GBP 1230-1235/mt FD NWE UK levels, week on week sharply higher by GBP (+50/mt).
In the contract markets, PP block copolymer grade prices were assessed at the Euro 1510-1515/mt FD NWE Germany and FD NWE France levels, both surging by Euro (+55/mt) from the previous week. PP block copolymer grade prices were assessed at the Euro 1500-1505/mt FD NWE Italy levels, gaining sharply by Euro (+55/mt). Meanwhile, PP block copolymer grade prices were assessed at the GBP 1290-1295/mt FD NWE UK levels, a spike of GBP (+50/mt) from last week.
FCA Antwerp PP homopolymer prices were assessed at the Euro 1220-1250/mt levels and FCA Antwerp PP copolymer prices were assessed at the Euro 1290-1320/mt levels, both rising by Euro (+50/mt).
Upstream propylene spot prices on Thursday were assessed at the Euro 1005-1015/mt FD Northwest Europe levels, a 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.
