NE Asia PG slides 18% as propylene oxide falls

04 November 2008 02:31  [Source: ICIS news]

SINGAPORE (ICIS news)--Northeast Asian (NE Asia) industrial grade propylene glycol (PGI) fell about 18% to its lowest level in 33 weeks on plunging feedstock propylene oxide (PO) values and waning demand, producers and end-users said on Tuesday.

 

Prices have come off to $1,450-1,500/tonne CFR (cost and freight) NE Asia last Friday from their peak in June 2008, according to global chemical market intelligence service ICIS pricing.

 

“Demand had sagged further during the past weeks as buying interest continued to be scant. The dip in prices of propylene and propylene oxide made PGI buyers even more cautious,” said traders in Mandarin.

 

One major producer had reportedly stopped importing fresh cargoes into key China market for November on account of slow-moving markets as well as sluggish demand, said market sources.

 

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By: Yu Guo
+65 6780 4359

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