European PP market remains bullish moving into February
A West European producer applied further hikes of €20/ton on their new offers given the bullish outlook for February. A producer source reported, “We closed January contract deals up €50/ton from December and we are currently looking for new hikes considering rumors of a new round of increases for February. Demand has improved with buyers purchasing fresh quantities on bullish talks.”
A distributor from the Netherlands reported, “We sold West European material €50/ton higher to the large sized converters while we managed to sell with larger hikes of up to €70/ton in the spot market. We expect supply to shorten in the next months due to several plant and cracker shutdowns. Demand is good and we expect new hikes on PP prices.”
A buyer in Switzerland affirmed that their regular supplier closed their monthly order books, adding, “Supply levels diminished as a result of strong orders. We built stocks in December; yet we purchased regular volumes this month so that we can limit quotas next month not to pay increases.”
Local PP ranges are currently quoted at €1120-1230/ton for PPBC and at €1060-1150/ton for homo-PP on FD Italy, 60 days. In Northwest Europe, PP prices are reported at €1130-1250/ton for PPBC and at €1080-1180/ton for homo-PP on FD NWE, 60 days.
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