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Polypropylene (PP) prices quote steady in Asia

30 Oct 2024 14:00 IST
This week, Polypropylene prices remained steady in the Asian region.

An industry source in Asia on condition of anonymity informed a Polymerupdate team member, “Weakening world crude oil demand continued to be a major cause of concern for global energy markets. Meanwhile, with no further escalation foreseen in geopolitical tensions in the Middle East, at least in the near term, crude oil prices have been trending steadily lower.”

In Far East Asia, PP raffia and PP injection prices were assessed at the USD 890-920/mt CFR levels, both unchanged from the previous week. PP film and BOPP prices were assessed stable at the USD 890-930/mt CFR levels. PP block copolymer prices were assessed flat at the USD 910-940/mt CFR levels.



In China, the downtrend in crude oil prices has continued to exert a bearish pressure on PP costs. The restart of production facilities and new production capacities coming on stream in Q4 2024 has bolstered supply pressure with a notable fall seen in the quantum of losses arising from maintenance activity. The peak demand season is nearing its end with downstream demand shifting into a seasonal lull in a gradual manner, even as the bleak situation is further exacerbated by inadequate follow-up orders.

In Southeast Asia, PP raffia and PP injection grade prices were assessed at the USD 940-990/mt CFR levels, both rolled over week on week. PP film and BOPP prices were assessed at the USD 950-1000/mt CFR levels, both constant from the previous week. PP block copolymer prices were assessed flat at the USD 980-1020/mt CFR levels.



In Southeast Asia, suppliers were seen actively seeking higher values for their cargoes to safeguard their margins. However, softening crude prices, weakening local currencies and tepid demand for finished goods have bearishly influenced purchase activity. Import offers have significantly reduced with a few exporters expected to make November offer announcements next week. Meanwhile, other suppliers were eager to see if the price rise could be realized.

In India, PP raffia and PP injection prices were assessed at the USD 960-980/mt CFR levels, both stable from last week. PP film and BOPP prices were assessed at the USD 980-1000/mt CFR levels, both unchanged from the previous week. PP block copolymer prices were assessed stable at the USD 1000-1020/mt CFR levels.



In India, while demand remained in the stable to a slightly weak range, material avails were surplus. The PP sector is experiencing a marked slowdown with hardly any price competition seen in the market with major suppliers offering material at almost similar price levels. Market sentiment was further dampened ahead of the onset of Diwali festival in the region.

In Pakistan, PP raffia and PP injection grade prices were assessed at the USD 1000-1030/mt levels, both unchanged from last week. PP film and BOPP prices were assessed at the USD 1020-1060/mt CFR levels, both week on week steady. PP block copolymer prices were assessed at the USD 1030-1090/mt CFR levels, constant from the previous week.

In Sri Lanka, PP raffia and PP injection grade prices were assessed at the USD 1010-1050/mt CFR levels, both rolled over from the previous week. PP film and BOPP prices were assessed at the USD 1050-1080/mt CFR levels, both stable week on week. PP block copolymer prices were assessed at the USD 1070-1090/mt CFR levels, steady from last week.

In Bangladesh, PP raffia and PP injection prices were assessed at the USD 1000-1040/mt CFR levels, both unchanged from the previous week. PP film and BOPP prices were assessed at the USD 1020-1060/mt CFR levels, both steady week on week. PP block copolymer prices were assessed stable at the USD 1060-1120/mt CFR levels.

In Pakistan and Bangladesh, minimal trade activity was seen in the market during the course of the week. There was a dearth of offers from China owing to a rise in freight costs, while most GCC-origin offers are likely to emerge in the coming week. An unstable political environment in the countries has adversely impacted trade sentiments.

Feedstock propylene prices on Tuesday were assessed at the USD 860-870/mt CFR China levels and FOB Korea propylene prices were assessed at the USD 825-835/mt levels, both week on week higher by USD (+5/mt).

In plant news, Sinopec Yanshan Petrochemical has shut its No.2 Polypropylene (PP) unit on October 28, 2024 for maintenance work. Further details on the duration of the shutdown could not be ascertained. Located in Beijing, China, the No.2 unit has a production capacity of 60,000 mt/year.

In other plant news, Fujian Gulei Petrochemical has brought on stream its polypropylene (PP) unit on October 23, 2024. The unit was shut on October 21, 2024 for brief maintenance activity. Located in Zhangzhou, Fujian in China, the unit has a production capacity of 350,000 mt/year.

In another plant news, IRPC Public Company is likely to take off stream its No. 3 polypropylene (PP) plant in end October 2024 for maintenance. The plant is slated to remain shut until mid-November 2024. Located in Rayong, Thailand, the No.3 plant has a production capacity of 192,500 mt/year.