11 September 2008 08:59 [Source: ICIS news]
SINGAPORE (ICIS news)--Spot propylene prices continued to fall at an unprecedented rate, hitting $1,300/tonne CFR (cost and freight) China on Thursday, a drop of $50/tonne, or 3.8%, in a day, market sources said.
With the prospect of many cargoes chasing few buyers, Japanese and Korean traders resorted to short selling and dropping offers rapidly as the pool of potential buyers in ?xml:namespace>
Unexpected cutbacks in derivative products such as phenol, acrylonitrile and polypropylene (PP) have resulted in a deluge of spot propylene cargoes from
“We think $1,250/tonne is easily achievable,” said a Chinese trader, but opted to wait for prices to fall to $1,200/tonne CFR before making any counter-bids.
Traders estimate as many as seven-to-eight cargoes on offer currently from northeast
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