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PP prices sink to fresh lows in Italy, Northwest Europe

by Manolya Tufan - mtufan@chemorbis.com
  • 14/11/2019 (11:52)
European PP sellers mostly reflected €30/ton decreases on their November offers while €40 decreases also passed on a few deals. Accordingly, PP prices have seen fresh lows amid weak demand and ample supplies.

According to the weekly average data from ChemOrbis Price Index, homo PP and PPBC inj. prices in Italy have hit more than 3-and-a-half year low recently.

Similarly, homo PP and PPBC inj. prices in Northwest Europe have moved to their lowest levels last seen in December 2016.

Low prices have yet to stir buying appetite as buyers try to keep their stocks as low as possible.

A few distributors reported to have sold some cargos with decreases slightly beyond the monomer drop due to the weak demand. It is yet to be seen whether or not this approach will gain traction while some sellers sounded open to apply further discounts.

A distributor opined, “We may concede to further discounts albeit in small amounts. Our target is to deplete our stocks before the year-end. We have noticed a weaker PP demand compared to PE.”

“We are not optimistic about December as most players will leave in the first half of the month. We might give further discounts to entice sales and lower our stocks. Demand has been below our expectations,” a reseller reported.

Players’ medium term expectations are mostly bearish based on traditional destocking activities and the lack of projections for an improvement in demand. Still, some players shared stable expectations for December considering prices at multi-year lows.
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