06 November 2013 17:35 [Source: ICIS news]
LONDON (ICIS)--While several producers are aiming to hold African PP prices steady for November, some prices are facing downward pressure, sources said this week.
“For most ranges we’re talking about [a decrease of] $10-20/tonne for November,” said a producer of homopolymer raffia, who had been targeting a rollover for November.
“We went in with a rollover,” a second producer said. “Everyone tried [to roll over prices], then there is downward pressure on prices, $10-20/tonne down."
The source added that the extent of the decrease depended on the region.
In contrast, distributors in north, east and west Africa speak of muted demand and November prices decreasing by $10-50/tonne, depending on region and grade.
“I don't think anybody rolled over,” a distributor in the west African market said. “I think the average decrease was $20/tonne.”
A second distributor said: “North Africa demand is not good, it’s very slow in North Africa. Supply is quite good from the Middle East. For PP there’s a huge decrease by €40-50/tonne from October.”
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