DUBAI (ICIS)--Middle East polypropylene (PP) prices in the Gulf Cooperation Council (GCC) are expected to be stable-to-firm for June shipment amid strong demand, industry sources said on Wednesday.
“Prices are likely to rollover or go up by $10/tonne. There is good demand,” according to a source close to a petrochemical distributor.
A major Saudi producer said it will likely rollover offers in all GCC countries except Saudi, where it will raise prices by $10/tonne.
Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the UAE, comprise the GCC.
Availability of PP block copolymer is currently tight and buyers may need to pay more to secure prompt material, according to a GCC-based plastic processor.
“Material is tight. I am willing to pay more to get material now,” the processor added.