Spot propylene prices retain strength across globe
In Europe, concerns regarding availability issues as well as planned shutdowns of major producers across the region including Total, Dow Chemical and BP Refining and Petrochemical pushed spot prices higher. ChemOrbis Price Wizard reveals that spot propylene prices on FD NWE basis have witnessed a cumulative increase of €50/ton in the past eight weeks on average, hitting a more than two month high.
In Asia, steady increases in spot propylene prices, which have been in place for the past three weeks, emerged in line with better demand for downstream PP and the ongoing tightness issues. According to the weekly average data from ChemOrbis Price Wizard, spot propylene prices on FOB Korea basis have cumulatively climbed $50/ton within this period, reaching their highest levels since the second half of February.
In the US, the firming trend in the spot propylene market, which also kicked off three weeks ago, continued on the back of strengthening demand as well as production issues. The US is also the region where the largest gains have been reported so far as ChemOrbis Price Wizard shows a weekly increase of around $56/ton currently, with spot prices moving back towards their highest levels since mid-March.
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