08 April 2011 18:36 [Source: ICIS news]
HOUSTON (ICIS)--Petroquim, Chile’s local polypropylene (PP) producer, increased prices for all grades of PP in April by $70/tonne (€49/tonne) seeking to offset higher propylene costs, a company source said on Friday.
Domestic prices for homopolymers were set at a minimum of $1,970/tonne, and higher for other grades.
This price was also valid for regional exports to Peru and Ecuador, which are frequent destinations for Chile’s PP.
Additional increases could be applied later in the month, if the propylene settlement in the benchmark US Gulf market is larger than expected.
Initial April US polymer-grade propylene (PGP) nominations were up by 10-12 cents/lb versus March, but buyers were seeking a lower settlement.
PP product from Colombia was offered in Chile at about $2,000/tonne CFR (cost and freight). Product from Argentina was offered at $1,950/tonne CFR in March, but prices in that country were going up at least $50/tonne in April.
The most competitive prices for Chile in April were coming from Asia: a Korean supplier sold 5,000 tonnes of homopolymer material at $1,830/tonne CFR for April shipment to Chile, Peru, and Brazil.
$1 = €0.70
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