26 June 2008 17:23 [Source: ICIS news]
LONDON (ICIS news)--Several polypropylene (PP) producers have made it clear that they will target increases of €100/tonne ($156/tonne) for July business, they reported on Thursday.
Dow Chemical made a formal announcement, citing unacceptable margins, due to high raw material and energy prices and strong demand.
Borealis would also target €100/tonne more for July, and another producer who did not wish to be named would also seek a €100/tonne hike.
Buyers questioned the validity of such a move in a market which they did not perceive to be tight. Most accepted that high oil and naphtha prices would send third quarter propylene up, however, and current talks centred round an increase of €50-70/tonne.
The second-quarter propylene contract stands at €927/tonne FD (free delivered) NWE (?xml:namespace>
Homopolymer injection PP prices rose by €30/tonne in June, to levels €1,200/tonne FD (free delivered) NWE (northwest
PP producers in
($1 = €0.64)
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