Market Dynamics
Prices of European PP dropped by EUR20/tonne for CIS markets
Time: 2014-08-07 Source from: www.mrcplast.com
MOSCOW (MRC) -- European polypropylene (PP) producers have announced prices cuts of EUR20/tonne from July for August shipments to the CIS markets at , according to ICIS-MRC Price report.
The August contract price for propylene in Europe was agreed by EUR20/tonne lower compared to July. Supply of PP has increased noticeably in the region by the end of the summer. As a consequence, European producers were forced to reduce PP prices by EUR20/tonne on the back of lower feedstock prices.
Deals for European homopolymers of propylene (homopolymer PP) were negotiated in the range of EUR1,230-1,280/tonne FCA this week. Offer prices of block copolymers (PP-impact) started from EUR1,300/tonne, FCA.
Some market participants said export quotas of European producers had grown substantially. At the same time, there was no a serious oversupply in the market.