02 July 2012 19:46 [Source: ICIS news]
HOUSTON (ICIS)--Petroquim, Chile’s sole polypropylene (PP) producer, is reducing the price of homopolymers again in July to keep up with cheaper imports, a company source said on Monday.
The minimum price of raffia homopolymers for large-volume buyers was set at $1,450/tonne (€1,146/tonne) DEL (delivered), down about $70/tonne from the lowest June levels.
Chile’s PP prices fell twice in June as a reaction to cheaper propylene costs.
Transformers buying from distributors may see prices $100-150/tonne higher than those paid by large-volume buyers.
Domestic demand had evaporated in late June as buyers got rid of expensive inventories and waited for lower prices in July.
Offers from regional producers were heard in the range of $1,400-1,420/tonne CFR Peru/Ecuador, while imports from Asia were heard offered around $1,380/tonne CFR.
Product of European origin was being offered as low as $1,330-1,350/tonne for cash deals, sources said.
PP prices have declined in international markets, but could rebound in the US Gulf during July, if feedstock propylene settles higher.
($1 = €0.79)
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