21 March 2014 10:16 [Source: ICIS news]
SINGAPORE (ICIS)--China’s domestic polypropylene (PP) prices increased by yuan (CNY) 100-350/tonne ($16.10-56.20/tonne) on 20 March as lower-priced cargoes were no longer available in the market, industry sources said on Friday.
China spot domestic PP raffia yarn and injection prices were at CNY10,700-10,900/tonne EXWH (ex-warehouse) and at CNY10,850-11,350/tonne EXWH respectively on 20 March, compared with CNY10,550-10,800/tonne EXWH and CNY10,700-11,250/tonne EXWH respectively on 13 March, according to Chemease, an ICIS service in China.
Most domestic traders increased their offers in tandem with higher offers from local producers, market players said.
Key local producers raised their offers for PP raffia yarn and injection to CNY10,550-11,050/tonne EXW (ex-works) on 21 March, CNY100-200/tonne higher compared with 14 March as inventories shrank, local traders said.
Locally produced low melt block co-polymer prices were at CNY11,200-11,400/tonne EXWH on 20 March, CNY350/tonne higher compared with on 13 March, according to Chemease.
Manufacturers were resistant to the higher offers and they had made their procurement last week, hence they were cautious and remained on the sidelines, market players said.
($1 = CNY6.23)
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