MOSCOW (MRC) - Some European producers of polypropylene (PP) have cut their export PP prices further for CIS markets, despite the price drop of EUR90-100/tonne in the first half of January, according to ICIS-MRC Price Report.

 

European producers had to decrease export PP prices by EUR90-100/tonne in the early January under the pressure falling propylene contract prices. However, last week, some producers announced further reduction in export prices.

 

Price offers for homopolymer PP for the delivery in the CIS countries in early January were discussed in the range of EUR1,010-1,070/tonne FCA. In the late January some producers from Eastern Europe have reduced their PP price offers to the level of EUR900-950/tonne FCA.

 

However, market participants are in no hurry to make deals for the supply of polypropylene, expecting European PP prices to be cut further in February.  

 

An ongoing weakening of the euro against the dollar contributed to the general downtrend in European PP prices. The exchange rate of the euro to the dollar on 28, January was at 0.88EUR=1USD.