China PP drops below $1,000/t CFR

21 October 2008 04:12  [Source: ICIS news]

SINGAPORE (ICIS news)--Polypropylene (PP) prices have fallen below the psychologically significant level of $1,000/tonne CFR (cost and freight) China for the first time in over three years on aggressive selling by regional producers, Asian traders and producers said.

 

Key benchmark injection and yarn grade PP was offered at $900-960/tonne CFR China for October and November shipment, down by as much as $100/tonne from last week’s discussion levels, they said.

 

The last time PP injection and yarn grade was priced in three digits were in June 2005, according to global chemical market intelligence service ICIS pricing.

 

Despite the price cuts, import interest was still weak, a South Korean PP producer said.

 

China’s resin buying sentiment had been badly hit by concerns that downstream demand would fall markedly in the coming months due to the global economic downturn.

 

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By: Chow Bee Lin
+65 6780 4359

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