Polypropylene (PP) prices plunge to new lows in September after posting once again triple-digit decreases, according to GC Intelligence price assessments.
Market participatns noted decreases of around €100-140/mt, with homopolymer prices reaching below €1300/mt for many buyers.
The recent slump in prices has widened the price range between accounts to as much as €500/mt.
Market feedback suggests demand is still suffering from inflation and energy prices diverting consumption away from downstream products.
Moreover, demand also slowing in other regions, such as Asia, has increased imports to Europe.
Domestic suppliers are trying to stop the continuous decreases in prices by lowering operating rates and implementing energy surcharges, according to several buyers.
But with most buyers seeing customers cancelling orders, inventoeris are reaching capacity.
While a price rebound is a probable scenario next month, it is less likely than rollovers or indeed further decreases.