Propylene is a feedstock material used in manufacturing a variety of products such as polyester compounds and solvents in the paint and plastics industries.
Refinery grade propylene is a colorless and flammable gas that may cause flash fire and eye, or skin injury.
Unexpected decrease in demand for Asia's propylene feedstock led to fall in the spot prices in the markets, last week.
Lower prices were fueled by the probable arrival of large quantities of deep-sea propylene cargoes.
Sources revealed that the prices had gone down from US $1000 per metric ton FOB Korea mark to $980 per metric ton mark.
Lowering of prices came on the news of closure of Ellba Eastern's propylene oxide unit in Singapore.
Sources said that the markets from derivative sector and PP makers and ACN producers had weakened.
PP markets in Asia ended with sellers aiming for February prices to rise.
However, considering excess supply followed by decline in demand, the buyer bids were pegged at lower level prices.
marketing@alchempro.com
