Propylene: Europe

摘要

Cautious sentiment pervaded the European propylene market this week as the energy complex continued to weaken. Naphtha has steadily fallen after reaching four-digit levels in mid-February; it closed at $917.50/mt CIF NWE on Friday, tracking volatile crude, which down from $918.5/ mt on Thursday and $929.50/mt a week ago. Although upward pressure on spot prices persisted due to tight supply brought about by cracker issues, this was moderated by sustained weakness in downstream polypropylene demand, according to sources attending the European Petrochemical Luncheon meeting late this week. The steady decline in feedstock cost also curbed sellers’ pricing aspirations, which were mostly heard at par or slightly above the March contract price of Eur1,155/mt, they added.