Brazil PP prices rise on currency devaluation, crude oil

Marianela Toledo

07-Mar-2015

HOUSTON (ICIS)–Brazil polypropylene (PP) prices were assessed higher by ICIS on Friday stabilised crude oil prices and strong US dollar versus the real.

Prices rose by Brazilian reais (R) 400/tonne ($131/tonne) for all PP resins, and market sentiment is that prices could rise again in April if global prices for crude oil hold at current levels and the real keeps falling against the dollar.

Helping the March increase in Brazil were price rises in Asia and China last week, making imports more expensive.

The currency exchange was said to be an aggravating factor, as some buyers are taking longer to pay for previous purchases. Sources said that resellers bought inventory at higher prices and now must sell at a loss.

Last month, the local producer announced a decrease in prices on PP for both raffia and injection grades of R400/tonne.

($1 = R3.05)

 

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