SSESSMENTS.COM was informed that import polypropylene (PP) offers to the European market recorded changes as the previous level was unworkable. As compared to December’s level, the latest offers for polypropylene (PP) Homo Raffia of Indian origin lowered by €40/ton ($45/ton), now at €1,360/ton ($1,542/ton) on LC at sight, CIF Portugal/Poland main ports basis. The leading Indian petrochemicals producer said in the previous month the company approached European market players at €1,400/ton ($1,588/ton), however, there was not much interest due to Christmas and New Year’s holidays. In addition to that, the offer in December was deemed too high by European buyers. As such, the producer decided to implement price reductions.
The producer further revealed that after the price adjustment, some deals have been concluded at the initial offer level. ‘’We are expecting market activities in Europe to improve this month,’’ the producer said to SSESSMENTS.COM. In terms of pricing outlook, the producer expressed an opinion that most likely polypropylene (PP) prices will stabilize from now onward. ‘’As long as China prices remain low, prices in other regions will not show significant changes. Even after the Lunar New Year holiday, we do not think polypropylene (PP) prices will be on upward movement,’’ the producer explained.
