04 April 2011 21:38 [Source: ICIS news]
The increase was meant to offset higher propylene prices in international markets.
March PP prices in
Brazilian prices include taxes, which add an average of about 9.5% to the price of resins.
US propylene producers nominated increases of 10-12 cents/lb for April. Refinery-grade propylene (RGP) for April was last heard bid at 76.50 against an offer at 82.00 cents/lb. Polymer-grade propylene (PGP) for April was bid at 80.00 cents/lb with no offers.
PP prices have risen strongly since January on a combination of high crude oil prices and propylene shortages.
With most of the propylene production coming from refineries, the shortages may persist at least until the end of the summer in the Northern Hemisphere, when gasoline consumption declines.
($1 = €0.70 = R1.62)
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