China’s PP raffia prices hit four-year low
Polypropylene (PP) raffia prices in China have slumped to a four-year low as demand continues to decline amid the coronavirus pandemic.
PP raffia prices in China on a midpoint basis were at $815/t cfr, the lowest level since 24 February 2016, according to Argus data.
Feedstock propylene prices in Asia have been under pressure in recent weeks because of weak derivative demand.
Propylene prices in northeast Asia were at $670-720/t cfr on 18 March, down by $30/t from the previous week.
The coronavirus situation is improving in China, but several converters have still not started up at levels before the outbreak.
Polymer inventories at state-controlled Sinopec and PetroChina edged up to 1.285mn t on 18 March from 1.27mn t a week earlier on limited buying activity.
By Muhamad Fadhil
source: Argus Media
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