04 November 2013 17:29 [Source: ICIS news]
HOUSTON (ICIS)--Polypropylene (PP) producers in Argentina are increasing prices for all grades in November to compensate for currency devaluation, buyer sources said on Monday.
The increase from one producer was described as being at 2.6% over October levels.
A second producer is raising prices by about Ps300-400/tonne ($51-68/tonne, €38-50/tonne), which ends up being a similar size.
Demand from raffia markets have not risen in recent months, but demand has remained strong from the tubular goods sector and the automotive sector.
Legislative elections held in late October have not changed the business environment in a measurable way, but some market participants report a decline in demand from end users for a variety of consumer products.
Prior to this increase, homopolymer PP prices in Argentina were at $2,098-2,140/tonne for raffia, while injection material was $2,149-2,174/tonne, according to ICIS data.
Product from Brazil is also sold in Argentina and complements domestic production, but the paperwork required to authorise PP imports is facing more hurdles, as the government slows down the flow of dollars out of the country.
The main PP producers in Argentina are Petroquimica de Cuyo and Petroquimica Ensenada (Petroken).
($1 = €0.74, $1 = Ps5.91)
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