SABIC targets €30/tonne on Europe June PP

25 May 2007 14:33  [Source: ICIS news]

LONDON (ICIS news)--SABIC intends to target an increase of €30/tonne ($41/tonne) for June polypropylene (PP), with one major buyer saying hikes were expected, a company source said on Friday.

Basell had already announced it would negotiate for a €50/tonne hike for June PP last week, while other producers were still considering their position for next month's business.

All producers reported a firm market, with strong demand and limited availability.

One major PP buyer admitted that his company was under string pressure to pay more next month.

“We haven’t yet closed the price for June, but my feeling is that we’ll pay €20-30/tonne more than the previous month. That’s probably caused by the expectation on monomer price trend for next quarter,” he said.

PP prices increased in May, by an average of €15/tonne, leaving gross homopolymer PP prices close to €1,200/tonne FD (free delivered) NWE (northwest Europe), according to global chemical market intelligence service ICIS pricing.

($1=€0.74)

By: Linda Naylor
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly