13 December 2011 15:42 [Source: ICIS news]
DUBAI (ICIS)--Polypropylene (PP) demand in Kuwait fell by about 27% in 2011 from the previous year because of poor exports of finished goods as a result of the Arab Spring and the eurozone crisis, industry sources said on Tuesday.
Kuwait’s PP demand is estimated at 8,000 tonnes in 2011, down 2,000-4,000 tonnes from 2010, market players said on the sidelines ahead of the sixth GPCA (Gulf Petrochemicals & Chemicals Association) forum held at Dubai.
“The Arab Spring and the eurozone crisis have squeezed the demand smaller this year. Converters here have thinner order books for re-exports,” a Kuwait-based PP maker said.
About 60-70% of the Kuwait-based converters are re-export orientated, he added.
For 2012, industry players are uncertain whether there will be a rebound in demand in the country.
“It is hard to say how the demand will be next year. However, the first quarter does not look too good because of the bearish sentiment from the upcoming Christmas holidays in Europe and the Lunar New Year holidays in China,” a Dubai-based polyolefins trader said.
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