25 May 2012 21:55 [Source: ICIS news]
HOUSTON (ICIS)--A proliferation of polypropylene (PP) import offers from a number of origins is pushing domestic prices down in Chile, seller sources said on Friday.
Early in May, PP prices were at $1,770/tonne (€1,416/tonne) DEL (delivered), for raffia homopolymer, large-volume buyer.
Competition from imports forced a $70/tonne reduction in the second half of the month, bringing PP prices down to $1,700/tonne.
By 1 June, domestic PP prices in Chile will be at $1,620/tonne DEL, and perhaps lower in the second half of June.
The reason for the decline is that prices from Europe are already at $1,520/tonne CFR (cost and freight), while prices for Iranian product are as low as $1,430/tonne CFR Chile, but receiving very little buying interest.
Product from India was said to be arriving at $1,470/tonne CFR Chile for August delivery, while product from South Korea could land at $1,460/tonne CFR.
Product from neighbouring Propilco of Colombia was said to be arriving at Pacific coast destinations at competitive levels, too.
($1 = €0.80)
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