27 May 2011 11:11 [Source: ICIS news]
SINGAPORE (ICIS)--Spot polypropylene (PP) prices fell by $60-70/tonne (€42.60-49.70/tonne) in the ?xml:namespace>
On Friday, spot raffia prices were discussed at $1,640-1,660/tonne CFR (cost & freight)
Weak demand and softer prices in the key
Early this week, a major producer from the Gulf Cooperation Council (GCC) offered its June cargoes at $1,670/tonne CFR Karachi for raffia and $1,680/tonne CFR Karachi for injection, LC 90 days.
However, the producer reduced its offer to $1,650/tonne CFR Karachi for raffia, LC (letter of credit) 90 days, after a second GCC-based maker announced its offers for June shipments at $1,645/tonne
Two other producers from the GCC offered their June parcels at $1,660-1,670/tonne CFR Karachi for raffia, LC 90 days. Players are expecting them to make reductions next week in the presence of other lower offers.
A fifth maker from the GCC offered its June cargoes early this week at $1,700/tonne CFR Karachi for raffia, LC 90 days, but it planned to make a downward adjustment in line with the remaining GCC offers.
An Indian producer nominated offers for its June raffia lots at $1,690/tonne DAP (delivered at place) Attari, but this price level was firmly rejected by converters.
Despite several announcements of offers for June shipments, converters do not have urgency to settle business, as they are expecting prices to decrease further next week.
($1 = €0.71)
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