September expectations voiced in Italy’s PP market
A distributor concluded some late August deals with decreases of €100/ton from July at €1300/ton for homo-PP and at €1350/ton for PP block copolymer injection on an FD, 60 days deferred payment basis for Central European material. “Demand is quite thin and we expect to see a new round of price cuts for PP in September,” the distributor commented.
Another distributor sold West European PP down €90-100/ton from July at €1385-1390/ton for homo-PP and at €1435-1440/ton for PP block copolymer with the same terms after selling out most of his allocation in the first week of August. The distributor is waiting for the new propylene contracts to settle for September when he expect to see further reductions.
A converter made some purchases with monthly decreases of €100/ton from his regular West European supplier at €1250/ton for homo-PP and at €1300/ton for PP block copolymer injection, FD, 60 days deferred payment. According to the buyer, sellers were under sales pressure this month and there is room for further decreases of €100/ton in September given lower crude oil and naphtha costs. A compounder, who also obtained discounts of €100/ton on his August PP deals, reported that he expects to see sharp reductions in September.
Another compounder reported skipping his purchases this month and said that he anticipates a new round of price cuts for September due to plunging energy costs.
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