Spot PP prices move higher in West Europe
A distributor in Belgium raised their PP prices by €30/ton compared to early February levels. The distributor reported holding limited stocks owing to good demand in the first half of the month and added that he expects monomer contracts to settle higher for March.
A French distributor, who has almost sold out his February allocation, also lifted his PP prices by €30/ton this week after issuing decreases of €70/ton earlier in the month. Another distributor in Germany is giving February PP offers with increases of €40/ton this week for extra volumes. “We only have a few grades of PP left in our stocks and we expect monomer contracts to settle with increases for March,” he commented.
The PP market is giving firmer signals for March, with initial expectations calling for increases of up to €50-60/ton for the upcoming propylene contracts. Some players think that PP hikes might even exceed the projected gains for monomers given availability constrains. Looking at the spot market, propylene prices are up by €45/ton on the week to be quoted at €780-785/ton FD NWE due to upward pressure from higher naphtha costs.
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