18 October 2013 11:26 [Source: ICIS news]
DUSSELDORF (ICIS)--The global polyethylene (PE) and polypropylene (PP) markets are stable but bearish, a distributor visiting the K2013 plastics trade fair said on Friday.
“The markets are stable but slowing globally,” the source said.
This is despite talk earlier this week of China being the only active market.
“Their [China’s] upturn was only for a week [for restocking after the national day holiday],” the source said. “It’s now cooling off.”
The source spoke of high prices in several regions resulting in a ‘wait and see’ mode.
“In India, markets are down, there’s no recovery. Europe is slow, prices are going down weekly, around €20/tonne. Producers’ inventories are high, customers are not buying.”
The source spoke of aggressive offers from Middle East producers.
“Africa and Latin America are good dumping grounds for the Middle East [producers looking to sell],” the source said.
The distributor said it expects suppliers to try to roll over October prices into November.
“We’ll try to sell [volumes] off, we don’t want a long position,” the source said.
K2013 began on 16 October and runs until the 23rd.
($1 = €0.74)
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