04 September 2009 20:33 [Source: ICIS news]
LONDON (ICIS news)--Early settlers in the European polypropylene (PP) market confirmed increases of €100/tonne ($143/tonne) across all grades for September domestic prices, although further hikes were possible, sources said on Friday.
“€100/tonne [in Europe] and £80/tonne [€92/tonne in the ?xml:namespace>
The source added, “We will become more successful as the month goes on and buyers find themselves in need of material. Customers are eager and material is very tight.”
This was echoed by several producers who were all hopeful that short supply of PP would enable them to achieve a total increment of €125/tonne by the end of the month.
A consumer conceded, “The minimum increase we will see in September [domestic prices] is €100/tonne. PP is extremely tight and this gives them [sellers] power for their arguments.”
As a result, raffia PP was trading at €1,070-1,090/tonne, while homopolymer injection was booked at €1,070-1,100/tonne. Biaxially oriented PP (BOPP) film prices settled at €1,115-1,130/tonne and copolymer PP was assessed at €1,110-1,130/tonne.
In the UK, both raffia PP and homopolymer PP prices up to £915-940/tonne, while copolymer PP was settled at £945-965/tonne, all on an FD basis.
All prices were assessed on an FD (free delivered) NWE (northwest
Spot prices also ticked up €10-20/tonne in line with sentiment, although limited availability kept trades muted. In
($1 = €0.70) (€1 = £0.87)
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