10 September 2008 04:55 [Source: ICIS news]
HONG KONG (ICIS news)--Asian spot propylene prices fell over $120/tonne this week to hit a four-month low of $1,350/tonne CFR (cost and freight) China on downstream production problems and poor downstream demand, market sources said on Wednesday.
A 1,500-tonne cargo from Korea has been the lowest priced cargo heard sold this week after a similar parcel was sold late last Friday at $1,400/tonne by a Japanese trader.
The rapid decline in prices was caused by a combination of weak downstream demand from ?xml:namespace>
The propylene market also took its cue from the upstream crude prices, which were perceived to be on a downtrend to cross the $100/bbl level, sources added.
"We are placing our bids at $1,300/tonne CFR now," said a Shanghai-based olefins importer.
The spot level represents a fall of $170/tonne, or around 11%, from the previous weeks' low assessed prices by global chemical information service ICIS pricing.
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