Traders and suppliers of polypropylene (PP) increased their prices in Asia last week, at the same time buyers are in no hurry to agree on a new price offer, according to ICIS, citing sources in the market.

Companies in China have raised their offers for the import of goods with the increase in domestic prices. Thus, PP prices were an average of about USD1 000 per tonne, while the deals were in the range USD980-1 040 per tonne, CFR China.

Domestic prices of PP in China are on an upward trend since the stocks of material from local producers at a low level.

Buyers are in no hurry to make deals on a background of rising prices on the spot market and the futures market volatile.

The market in South-East Asia was calm on the last market, as market participants celebrated the Eid al-Fitr, which marks the end of the Muslim fasting month of Ramadan.

Rising prices in China against the background of limited supply from the Middle East suppliers have put pressure on the prices of PP in Southeast Asia. PP prices in the region rose to USD1 050-1140 per ton, CFR Southeast Asia.