22 December 2011 08:45 [Source: ICIS news]
SINGAPORE (ICIS)--China’s polypropylene (PP) and polyethylene (PE) import prices have fallen by up to 4.2% on the back of lower-priced Middle Eastern material offered for January shipment, industry sources said on Thursday.
The benchmark PP injection and yarn grades were offered at $1,260/tonne (€970/tonne) CFR (cost & freight) China for January shipment, Chinese traders said.
This is $55/tonne or 4.2% lower from last week’s average trading price at $1,315/tonne CFR China, according to ICIS.
Film grade high density polyethylene (HDPE) and linear low density polyethyelene (LLDPE) from the Middle East were offered at $1,280/tonne and $1,140/tonne on a CFR China basis, for January shipment, Chinese traders and Middle East producers said.
These offers are 3.8% and 2.6% lower from last week’s average trading prices at $1,330/tonne CFR China and $1,170/tonne CFR China, according to ICIS.
Middle Eastern producers have reduced their price offers in hope that importers will place orders for large quantities despite the weak downstream demand, Chinese traders said.
There is a lack of buying interest for January shipment as downstream demand is typically weak in the run up to the Lunar New Year holiday, traders said.
China will be closed on 22-28 January for the Lunar New Year.
($1 = €0.77)
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