18 September 2013 17:15 [Source: ICIS news]
LONDON (ICIS)--Business in the African polypropylene (PP) market is muted while buyers await the announcement later this month of producers’ October price offers, participants said on Wednesday.
“There’s very weak demand accross Africa,” a distributor said. “Customers believe prices will come down [in October]. They’re waiting.”
Crude oil prices have softened to some extent following the seemingly reduced likelihood of western nations' military intervention in the Syrian crisis.
This in turn could have a weakening effect on feedstock costs, leading to speculation among some market participants that PP prices might be lower in October.
However, producers speak of October price rollovers or just minimal downward movements.
A producer of homopolymer raffia said: “We expect a rollover for October. We will announce October prices next week.”
“Prices are unlikely to plunge,” a producer in the west African market said. “There may be some little correction that can be expected. Unless upstream product [prices] blink, polymers [prices] are unlikely to reduce, to my belief.”
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