This week, PP spot prices marched higher, while PP contract prices remained steady in the European region.
An industry source in Europe informed a Polymerupdate team member, "European PP spot prices gained amid players getting back to the market after the month started on a muted note. Supplies of import material from East Asia and the Middle East were constrained, with the situation further aggravated by logistical bottlenecks stemming from rising freight rates. Meanwhile, the overall market outlook continues to remain bleak.”
The source added, ”Though market sentiment in the initial weeks could be described as steady, demand has started picking up towards the start of this week. Lack of import shipments has driven existing customers, who had booked orders in the first week, to come back for additional cargoes in order to replenish their depleted inventories."
In the spot markets, PP injection moulding grade prices were assessed at the Euro 1175-1185/mt FD North West Europe mark, while PP block copolymer grade prices were assessed at the Euro 1225-1235/mt FD Northwest Europe levels, both gaining by Euro (+30/mt).
In the contract markets, PP injection moulding grade prices were assessed at the Euro 1510-1515/mt FD NWE Germany and FD NWE France levels, both steady week on week. PP injection moulding grade prices were assessed at the Euro 1500-1505/mt FD NWE Italy levels, stable from the previous week. Meanwhile, PP injection moulding grade prices were assessed at the GBP 1275-1280/mt FD NWE UK levels, quoting flat from last week.
In the contract markets, PP block copolymer grade prices were assessed at the Euro 1580-1585/mt FD NWE Germany and FD NWE France levels, both unchanged week on week. PP block copolymer grade prices were assessed at the Euro 1570-1575/mt FD NWE Italy levels, rolled over from the previous week. Meanwhile, PP block copolymer grade prices were assessed at the GBP 1335-1340/mt FD NWE UK levels, remaining steady from last week.
FCA Antwerp PP homopolymer prices were assessed at the Euro 1160-1190/mt level, a week on week increase of Euro (+30mt), while FCA Antwerp PP copolymer prices were assessed at the Euro 1210-1240/mt levels, higher by Euro (+30/mt) week on week.
Upstream propylene spot prices on Thursday were assessed at the Euro 930-940/mt FD Northwest Europe levels, left unchanged week on week.
European propylene feedstock contract price for June 2024 settled at the Euro 1105/MT FD North West Europe levels. This price represents a decline of Euro 30/mt from its May 2024 settlement levels.
