CFR Far East Asia polypropylene raffia rose $20/mt Tuesday from a 46-month low hit Monday, Platts data showed, as end-users stocked up following a rebound in feedstock naphtha prices and improving buying sentiment.
On Monday, the price had been assessed at $950/mt, the lowest since the assessment began October 17, 2011.
Looking further back with the now discontinued PP Homo CFR Far East Asia weekly averages as reference, polypropylene price in China had not been as low since March 25, 2009, whenPP Homo CFR Far East Asia weekly averages was assessed at $915/mt.
“[Factory] orders down 20% from summer of last year, [buying] sentiment is extremely negative,” an end-user said, comparing the current slowdown with the 2008-09 economicslowdown.
Platts assessed MOPJ naphtha at $455.75/mt Tuesday, up $63.75/mt week on week.