Polypropylene (PP) prices in Southeast Asia continue to decline amid falling prices for propylene and weak demand for finished products, ICIS reports, citing market participants.

Reduced prices in the key Chinese market further weakened the confidence of market participants in the region, while fresh quantities of PP from South Korea are widely represented in the Chinese import market.

As of the end of November, according to ICIS, prices of PP for threads fell by 4.71% and amounted to an average of USD1,215 per tonne, CFR SE Asia.

Propylene prices fell from their highest level in a year to their lowest level in just five weeks, which stunned the players in the PP market.

Demand is expected to decline further in the coming weeks, as there will be a seasonal lull at the end of the year, and buyers are not expected to replenish stocks at the end of the year.

According to ICIS-MRC’s Price Review, some sellers this week attempted to raise PP-Homo prices again, but in some cases, buyers refused to accept further price increases.