POLYMERS - Polypropylene

Price of polypropylene in Asia dipped to US$1360/MT in the week of October 8, 2007. Low demand due to absence of buying from China last week on account of a seven day holiday has put downward pressure on PP prices. This growing supply from major producers has created an urge in sellers to liquidate cargoes at reduced prices, despite subdued buying interest. Asian PP prices may continue to be under downward pressure on attempts to move deep-sea cargoes from USA toward Asian countries.