03 July 2013 12:36 [Source: ICIS news]
SINGAPORE (ICIS)--Offers for July biaxially oriented PP (BOPP) grade in Dubai have declined because of weak buying sentiment, with its premium over raffia/injection grade falling by half to $10/tonne (€8/tonne), market players said on Wednesday.
A Saudi producer was heard offering raffia/injection at $1,480/tonne CFR (cost and freight) GCC (Gulf Cooperation Council), with offers for BOPP at $10/tonne higher.
For June cargoes, PP raffia/injection was assessed at $1,450-1,520/tonne CFR GCC, while BOPP was assessed at $1,470-1,540/tonne CFR GCC, according to ICIS.
“No one is buying BOPP because of weak demand fundamentals,” a Dubai-based trader said.
It remains uncertain if BOPP will regain its $20/tonne premium over raffia/injection in the coming months.
“[It’s] very difficult to tell. BOPP might even be lower than raffia one day if demand continues to be weak,” a source close to a Saudi producer said.
($1 = €0.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections