23 April 2014 17:10 [Source: ICIS news]
LONDON (ICIS)--The African polypropylene (PP) market is awaiting Middle East producers’ May price announcements, which are expected within the next few days, participants confirmed on Wednesday.
Some producers will target price hikes because of supply shortages stemming from planned and unplanned maintenance in the Middle East and Asia, and low stocks at African converters’ warehouses.
“We haven't announced [May prices targets] yet, it’ll be Thursday or next week,” one producer said regarding homopolymer raffia.
“We’re planning an increase. We saw the price of oil is stable, China [prices] is moving [upwards]. [Africa] prices will increase $20-30/tonne.”
The source added that nobody will resist the price hikes as stocks are low throughout the chain, following many weeks of hand-to-mouth buying.
A distributor agreed that May prices will go up but added supply shortages are not as severe as those in the polyethylene market.
The distributor expects May hikes of $15-25/tonne.
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