Some PP sellers step back from initial prices in Italy
A West European producer is giving January PP offers with decreases of €30-40/ton from last month. The producer’s new gross prices are at €1270-1275/ton for homo-PP and at €1320-1325/ton for PP block copolymer injection all on an FD, 60 days deferred payment basis. A producer source commented, “The market is more balanced nowadays, but we are unwilling to concede to the entire propylene drop of €50/ton.”
A South European producer lowered their PP prices by €30/ton after approaching the market with rollover requests. The producer’s latest spot prices are at €1110/ton for homo-PP and at €1160/ton for PP block copolymer injection on an FD, 60 days deferred payment basis. A source from the producer commented that they have already allocated most of their January volumes.
A distributor offering West European PP issued a decrease of €50/ton compared to the beginning of the month when he initially rolled over his prices from December. The seller’s new spot offers are at €1170/ton for homo-PP and at €1200-1220/ton for PP block copolymer injection FD, 60 days. Another distributor also cut his West European PP prices by €30/ton from last month to €1140-1150/ton for homo-PP and to €1190-1200/ton for PP block copolymer. Both sellers reported that their availability has improved this month.
A compounder said that he isn’t rushing to make new purchases for now owing to his sufficient stocks from his regular West European supplier in addition to his import cargoes which are about to be delivered. The buyer stated that producers are unlikely to achieve rollovers this month, adding that they will concede to some discounts due to both lower costs and competition from non-European origins. The buyer was offered locally-held Saudi Arabian homo-PP at €1050-1070/ton on an FD basis.
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