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Get comprehensive insights into the Polypropylene market, with a focused analysis of the Polypropylene price trend across Asia, Europe, North America, Latin America, and the Middle East & Africa.
Polypropylene (PP) Price Trend for the Q2 of
Product Category Region Price Time Period Polypropylene (PP) Packaging China USD/MT to USD/MT Q2'24
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Asia
In Q2 , the polypropylene market in China experienced mixed trends, influenced by various factors across the supply chain as the prices oscillated between USD/MT to USD/MT. In April, the market saw an overall positive trend due to increased consumption following the Qingming Festival, high demand for plastic products like polyethylene, and pre-holiday stocking for May Day, which supported the expanding demand for the commodity.
Polypropylene (PP) Price Chart
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The strengthening of international crude oil prices also provided strong cost support. However, after the holiday, the market faced tightened supply due to maintenance activities at major production facilities, leading to reduced market supply and a decline in inventory pressure.
Despite stable operations in downstream industries, demand fluctuated, exerting a negative influence on the polypropylene market. However, in May and June, the market experienced stable but fluctuating prices, driven by a combination of strong cost support from crude oil and raw materials like propylene and propane, alongside stable yet seasonally declining demand. By the end of the second quarter, the trajectory of polypropylene was supported by upstream raw materials and mild demand as the market entered the off-season.
Europe
The oversupply of raw materials limited the growth momentum of the polypropylene market during the Q2 of . The feedstock commodities also sustained a bearish tone through most of the quarter, with a slight uptick towards the end of the quarter, asserting a negative influence on polypropylene prices. After the Easter holiday season, the procurement rates of the downstream industries also slid southwards, reducing traders&#; profit margins. Additionally, buyers were conscious of changing economic dynamics and logistical disruption of major trade routes due to bad weather and geopolitical tensions, further raising the concerns of both the manufacturing and trading communities.
North America
In Q2 , the price of polypropylene in the USA surged by a noticeable margin, driven by heightened domestic and overseas demand following a prolonged period of market stability. This increase was primarily influenced by a substantial rise in U.S. new vehicle sales, particularly in all-electric and hybrid models. The bullish sentiment of the polypropylene market was further supported by high international crude oil prices, which provided strong cost support and nullified the negative influence of fluctuating propylene prices.
Additionally, the global polyolefin markets experienced reduced supply due to maintenance shutdowns, leading to notable inventory reductions among major local producers. However, post-holiday, the market faced potential supply pressures from increased inventory accumulation and utilization rates. The pipe industry continued to face sales challenges due to the real estate cycle, whereas robust demand for copolymers was fueled by rising electric vehicle sales and the plastic woven products segment. Additionally, freight rates, which surged in May, are expected to normalize in June, potentially stabilizing P.P. prices.
Analyst Insight
According to Procurement Resource, the price trend of Polypropylene is expected to bear the consequences of gradual increase in inventory levels and changing preferences of the downstream industries.
Polypropylene (PP) Price Trend for the Q1 of
Product Category Region Price Time Period Polypropylene (PP) Packaging China USD/MT January Polypropylene (PP) Packaging China USD/MT March Polypropylene (PP) Packaging India USD/MT (EXW BOPP) January Polypropylene (PP) Packaging India USD/MT (EXW BOPP) March Polypropylene (PP) Packaging Europe USD/MT January Polypropylene (PP) Packaging Europe USD/MT March Polypropylene (PP) Packaging USA USD/MT January Polypropylene (PP) Packaging USA USD/MT March
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Asia
During the said period of the year , polypropylene observed a very compact price trajectory as the prices mostly remained consolidated within narrow limits. A packed inventory guided the price graph downwards in the region. Government initiatives to limit and eradicate excessive plastic usage also pushed the consumption levels downwards.
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In the Chinese market, after averaging at around USD/MT (spot, Injection Moulding) in January, PP prices fell to approx. USD/MT (spot, Injection Moulding) in March&#;24. Similarly, in the Indian polypropylene market varying within confined boundaries, the prices went from approx. USD/MT (EXW BOPP) to about USD/MT (EXW BOPP). The regional price trend was subjected to occasional upward as well as downward movements as various factors affected the price trajectory.
Europe
The rising political and military tensions in the region continued to disturb the overall trading dynamics. Ukraine launched drone attacks on Russian oil refineries, which caused partial operational shutdowns. Consequently, the oil output from the OPEC+ nation tumbled by around 7%, which in turn raised the petrochemical prices in the global markets.
As a result of these tribulations in the European markets, polypropylene prices saw a steady rise despite humble downstream demands during this period. In the European market, the polypropylene prices went from about USD/MT (EXW, Injection Moulding) to about USD/MT (EXW, injection Moulding) from January to March of . This inflicted an approximate 3% incline in the PP price trajectory. Overall, positive market sentiments were experienced.
North America
The North American market behaviour for polypropylene was not much different from its European counterpart. The various geopolitical disturbances around the world hurdled the industries in the American markets as well. Majorly, the rising armed conflict between Israel and Hamas complicated the trade situation in the US market.
Along with the rising Houthi pirate threats in the Red Sea, it implicated the freight disturbances for global trade. The monthly average prices (EXW, Injection Moulding) for polypropylene went from about USD/MT in January&#;24 to around USD/MT in March of . This caused a nearly 3% appreciation in the regional PP market.
Analyst insight
According to Procurement Resource, given the current state of geopolitical tribulations, the trade situations are likely to crumble even more going forward. A Polypropylene supply crunch is anticipated in the coming months.
Polypropylene (PP) Price Trend for the October - December of
Product Category Region Price Time Period Polypropylene (PP) Packaging USA USD/MT December-23 Polypropylene (PP) Packaging USA USD/MT October&#;23 Polypropylene (PP) Packaging Europe USD/MT December-23 Polypropylene (PP) Packaging Europe USD/MT October&#;23 Polypropylene (PP) Packaging India USD/MT December-23 Polypropylene (PP) Packaging India USD/MT October&#;23 Polypropylene (PP) Packaging China USD/MT December-23 Polypropylene (PP) Packaging China USD/MT October&#;23
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Asia
The Asian polypropylene market witnessed a consistent downfall during the fourth quarter of the year . The fluctuations in the feedstock propylene prices were reflected in the wavering of the polypropylene price trends. In the Chinese market, the monthly average spot prices of polypropylene (Injection Moulding) went from about USD/MT to around USD/MT in December&#;23.
Similarly, in the Indian polypropylene market, the monthly average prices fell from about USD/MT (EXW BOPP) in October to around USD/MT in December&#;23. With this, the Indian domestic polypropylene market registered a downfall of about 7% within the discussed quarter. These market trends were a direct reflection of the plunging polypropylene demands from the downstream packaging and plastics industries. Overall, dull market trends were witnessed.
Europe
Influenced by the Asian polypropylene market, the European market also experienced swift downward trends during the said quarter of the year . The monthly average prices went from about USD/MT(EXW, Injection Moulding) in October&#;23 to around USD/MT in December&#;23, registering an overall decline of about 2% in the domestic polypropylene markets.
North America
Contrary to the global trends, polypropylene prices saw some slight inclinations in the price trends in the North American market. The supply issues caused by the freight curtailments and supply chain issues caused by the Israel-Hamas war influenced this surge in polypropylene prices. The monthly average prices went from about USD/MT in October to around USD/MT in December&#;23. This caused a borderline depreciation of around 4% in the American polypropylene market.
Analyst Insight
According to Procurement Resource, the polypropylene prices are expected to waver within confined limits in the forthcoming quarters. The supply and demand dynamics are projecting marginal stability in the polypropylene market trends.
Polypropylene (PP) Price Trend for the July - September of
Asia
The polypropylene market in Asia, particularly China, saw mild improvements in the given quarter of the year . Driven by the gradually rising demands from the downstream packaging and plastics industries, the polypropylene (PP) price graph witnessed a soft upward inclination for the entire period of Q3&#;23. In the Chinese domestic market, polypropylene prices rose by about 4% as the monthly average spot prices shifted from about USD/MT in July&#;23 to around USD/MT in September of .
Similarly, in the Indian polypropylene market, the prices rose sharply in the first month and then declined marginally in the last month of the quarter. However, an overall quarterly inclination of about 3% was witnessed. The average monthly prices rose from about USD/MT (EXW, BOPP) in July&#;23 to around USD/MT in September&#;23. Overall, positive market sentiments were witnessed throughout the said period.
Europe
The European polypropylene market mostly remained wavering at the lower end of the price curve. Even though a slight increase of about 1% was seen from July to August, the prices again retracted owing to the feeble demand situation in the region. An overall quarterly depreciation of around 2% was seen at the end of the quarter as the monthly average prices went from around USD/MT (EXW) in July to about USD/MT in September of . The general market outlook was mostly stable throughout.
North America
The gloomy economy kept the polypropylene prices at the lower end throughout the concerned period. Though gradually, but consistently the polypropylene market kept moving downhill. The monthly average prices in the USA went from approx. USD/MT (EXW) in July to about USD/MT on September 23, registering an overall quarterly decline of about 6%. Overall, muted market sentiments were observed.
Analyst Insight
According to Procurement Resource, a very mixed market outlook is being projected by the Polypropylene price analysis for the coming months. The polypropylene prices will vary in different regions as per the economic situations and general market dynamics.
Polypropylene Price Trend for the First Half of
Asia Pacific
In the first quarter of the prices or polypropylene fluctuated as the Asian market struggled with uncertain market conditions. The price trend of polypropylene was affected by the weak demand due to holiday season in China. In the latter half of the quarter and in the second quarter, the prices rose because of the gain in the momentum of manufacturing activities after the holidays.
This trend was, however, short lived as the level of inventories rose significantly and the traders were forced to sell their produce at compromised rates and as a result the price of polypropylene fell from approximately yuan/ton in January to yuan/ton in June&#;23 in China region.
Europe
The polypropylene prices showcased a fluctuating trend in the first two quarters of . The prices were majorly influenced by the declining demand from the downstream industries and strong supply leading to the rise in inventory levels. But in the end-months of the second quarter the prices followed an upward trajectory as the number of orders and overall market conditions of the region improved.
North America
The prices of polypropylene followed a northward trajectory in the first two quarters of . The rise in prices was supported by the stable demand from packaging and textile sector along with rising support from polymer sector and high crude oil prices. The supply in the region remained constrained as traders struggled to fulfill the rising demand which further led to the inclination in the prices of polypropylene.
Analyst Insight
According to Procurement Resource, the prices of Polypropylene is estimated to increase in the upcoming months. The demand from the ed-sector idustries and strong global economic sentiments are expected to drive the price trend of polypropylene.
Polypropylene Price Trend for the Second Half of
Asia
The Asian market showcased a steep decline in the price of polypropylene. This huge dip is attributed to the rise in inventories in the regional market and sluggish demand from major importing nations. The dip in export rates to other nations further led to the decline in the prices predominantly seen in the markets of Japan, South Korea, and Singapore in the third quarter.
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The fourth quarter also was not so favourable, and the prices remained on the negative side as the demand continued to remain low. Declining economic conditions and fluctuating demand from the end-user industries contributed majorly to the drop in prices for the fourth quarter.
Europe
The European market struggled throughout the third quarter to keep the prices afloat as the resources remained scarce and the rate of feedstock materials skyrocketed. The ban on Russian supplies further worsened the situation as the demand from the end-user industries also declined. The initial months of the fourth quarter saw a similar trend, but the last months saw an incline in the prices, especially in the German market. The rise in energy production and operation costs led to a major incline in the prices and overall, the fourth quarter proved to be good for polypropylene.
North America
The US market in the third quarter saw a surge in the supply of polypropylene while the demand from the market remained bearish. The decline in demand forced the manufacturers to lower their operations. The fourth quarter also mirrored the trend seen in the third. Induced efforts from the manufacturers did not yield profitable results.
Analyst Insight
The prices of Polypropylene are likely to decrease during the coming month given a decline in demand from the end-user industries and the rise in inventories and operational and production costs of the material.
Polypropylene Price Trend For the Second Quarter of
Asia
The price trend of polypropylene weakened during the said quarter in the Chinese domestic arena. The falling prices of feedstock propylene amid the light trading atmosphere caused the stockpiling of inventories. The manufacturers sold the product at a discounted rate to vacate the inventories for new production. Hence, the spot price dipped, further decreasing the buyer&#;s confidence in the market. The cost of polypropylene averaged RMB/MT during the said period.
Europe
The heightened prices of feedstock propylene, along with the high demands from the automotive and semiconductor industries, caused the price trend of polypropylene to inflate across Europe. The cost of feedstock propylene averaged 929.5 USD/MT CIF Northwest Europe.
North America
Polypropylene prices remained firm during the second quarter in the US domestic market. The harmonious market dynamics caused the prices to rise, averaging USD/MT.
Polypropylene Price Trend For the First Quarter of
Middle East & Africa
Higher energy costs resulting from the Ukrainian/Russian conflict, as well as the possibility of declining supply in an already oversupplied market, are driving resin suppliers in Africa to demand price rises. Despite price rises in most PP and PE grades in March, underlying demand remained poor across the markets.
New offers in Nigeria climbed by 10-80 USD/MT in March owing to growing cost pressure. Despite the fact that Nigerian players continued to report supply delays, overall market availability was adequate, balanced by current demand conditions.
North America
A supply overhang is anticipated in the US polypropylene (PP) market in as a result of an increase in imports, a decrease in demand, difficult export logistics, and improved output.
Polypropylene (PP) Price Trend For the Fourth Quarter of
Asia
After a good start in October, the North-East Asian polypropylene market suffered a decline in demand during Q4 of FY21. Spot prices struck a turning point in the first week of November and have since begun to decrease. Between Q3 and Q4, the average price of raffia, injection, and random copolymer decreased by 3%.
Imports into China had dwindled at the tail end of Q4 as the Chinese government implemented severe COVID controls, jamming major container terminals such as Ningbo. Although production and supply had been constrained in the new year, polypropylene prices were likely to fall towards the end of January in advance of the lunar new year vacations. However, the long-term picture for Q1 FY22 appears optimistic.
Indian polypropylene prices followed a similar trend to those in Asia, reaching an inflection point in the second week of November. The downward trend in spot prices remained until the end of Q4 and is likely to continue into Q1 of FY22, as continuing congestion at major ports in Northeast Asia implies that total demand may continue to decline, forcing surplus output to be channelled into the domestic market. By the mid-to-third week of November FY21, import prices for Raffia MFI3 from the Middle East had also lowered.
Europe
In Q4 of FY21, the European market posted marginal increases over the previous quarter, as the average price for PP copolymer grew by 2% on an FD Hamburg basis. The propylene to polypropylene pricing differential worsened in Q4 due to a greater arbitrage margin for imports from the Middle East against regional suppliers, resulting in a propylene excess in the European market.
The increase in energy costs beginning in the first week of December had little effect on polymer prices, as demand fell ahead of the European holiday season, offsetting any upward pressure on pricing.
The forecast for Q1 FY22 remains uncertain, as volatility in the polymer market was unusually high in the new year, owing to the advent of a new pandemic that disrupted global supply chains, disrupting market signals. Domestic demand is likely to be the primary driver of growth in the coming quarter, while international demand is expected to revive by the end of February &#;22.
North America
The market in North America experienced a decline in total demand in the third quarter of FY21, compared to Q3 of FY21. By the closing weeks of December, the propylene to polypropylene spread had narrowed dramatically, erasing any meaningful gain in margins collected by manufacturers and distributors during the months of September and October as a result of historically high freight rates during that period.
The second half of Q4 showed a fall in polymer demand, which is a common occurrence leading up to the holiday season. Polypropylene prices are projected to rebound during the early to mid-February period, when North America and Europe normally experience value chain disruption owing to rising energy prices and the Texas cold wave.
Latin America
The Brazilian government voted in November to lower import duties on polyethylene and polypropylene to 12.6% from 14%, effective from November 11 through December . This was a precautionary approach to give the covid-infested business a head start. As a result, polypropylene prices in the Brazilian markets have dropped.
Polypropylene (PP) Price Trend For First, Second and Third Quarters of
Asia
During the first quarter of , the northeast Asian region's supply remained balanced. Four new facilities in China and the restart of major important plants in South Korea increased regional supplies. However, the southeast Asian region faced supply constraints due to a lack of foreign imports. In India, demand increased due to increased consumption in the downstream market for surgical mask manufacturing, followed by persistent demand for BOPP films in the packaging sector.
The upward trend was accelerated further by high crude oil prices, which exceeded USD 60 per barrel in March. In the Indian market, the CFR price of Raffia grade averaged roughly USD/MT in Q1. The introduction of additional COVID-19 variations in numerous parts of Asia, on the other hand, reinforced the downstream converters' concerns.
Supply in the Asia Pacific region increased significantly during the second quarter of , with the industry reporting regular operations and increased pressure on the major feedstock propylene due to China's rising commodity inflation rate. May Day holidays and a power constraint in Guangdong province, South China, further constrained market supplies.
India's deadly COVID second wave had a catastrophic effect on industrial and commercial activities for the majority of Q2, prompting the country to announce a much-needed relief in its PP resin offerings. The resurgence of COVID infections and weaker offtake from southeast Asian markets dampened demand prospects, causing ripples in polypropylene prices across Asia Pacific. In June, the FOB Qingdao pricing negotiation for PP raffia grade was resolved at USD/MT.
In Q3 , the forecast for the polypropylene market was positive, owing to strong demand and limited supply in the Asia Pacific area. Consistent increases in the price were accompanied by a surge in the price of a critical feedstock, propylene.
Additionally, unexpected plant outages in the region contributed to the product's scarcity, which supported the pricing trend. In India, PP fundamentals gained traction because of a global supply shortfall caused by constrained availability of the upstream propylene. In September, ex-Silvassa polypropylene prices ended at USD/MT.
Europe
PP supplies remained constrained in the first quarter of , as a result of the tight availability of feedstock propylene caused by the ongoing pandemic and lockdown limitations whereas robust demand for PP in the downstream packaging and automotive industries boosted demand in the European region. The combination of limited supply and increased demand resulted in a triple-digit increase in polypropylene prices in Europe.
At the start of Q2, the European market was experiencing a severe polymer shortage, affecting countless small and medium-sized enterprises (SME) and almost 90% of European converters. As a result, PP supplies remained rather scarce during the second quarter of . Although the import situation improved from the US, the fewer and more expensive import cargoes were insufficient to meet domestic demand. Numerous buyers turned to Chinese vendors to plug supply shortfalls. For July delivery, the price of raffia grades concluded at USD/MT.
During the third quarter of , the Polypropylene market in Europe saw a decreasing trend, owing to the product's abundant supply in the face of diminished demand. In the European region, increased import rates and increased production rates resulted in ample supplies of PP, which resulted in a reduction in its pricing.
Additionally, by the third quarter, as a result of the region's energy crisis, numerous downstream manufacturers were forced to lower operating rates, resulting in slowed market activity. Thus, polypropylene prices fell to USD/MT from USD/MT in the July-September period.
North America
In the first quarter of , PP supply became constrained as numerous US producers squeezed margins for downstream converters as a result of increased demand and limited stock availability across the area. Freezing temperatures forced the shutdown of numerous petrochemical and polymer manufacturing plants, including those of multinational conglomerates such as LyondellBasell and INEOS olefins & polymers.
Due to the prolonged shortfall, polypropylene prices more than doubled in February, pushing some customers to seek imports from Asian markets. Between January and March, rates of PP Injection Moulding grade increased by approximately 40%. In the final week of March, the FOB Louisiana (USA) PP IM grade price exceeded USD/MT.
During the second quarter of , the industrial infrastructure recovered from the devastation caused by winter storm Uri, and all production units resumed operations at increased rates. As a result of the ripple effect, PP supply in the North American market increased significantly in comparison to the previous quarter, but some tightness was observed in April.
Numerous US polymer producers announced price increases in response to persistent raw material scarcity. In May, Formosa Plastics increased the price of PP resin in all grades by USD 110 per tonne. Demand was boosted by a recovery in the manufacturing sector and an increase in the demand for consumer durable goods. In June, the FOB Texas price for Polypropylene Homopolymer injection moulding grade was agreed upon at USD/MT.
A spike in polypropylene prices was noticed during the third quarter of , owing to constrained upstream propylene availability. Propylene supply remained scarce in the US market, as numerous manufacturers were forced to shut down production facilities as a result of the Ida hurricane that ravaged the Gulf Coast in August.
Latin America
In January , the polymer faced the most substantial price increases, because of tight supply, with prices rising on average by 63pc year on year in December in Brazilian reals. Supply tightness in Brazilian resin markets had pushed prices to unprecedented levels. The higher prices were also the result of increased demand for plastics for use in food packaging for take-out and delivery during pandemic-related lockdowns.
The prices were expected to continue for the next five months. However, this trend discontinued when the government of Brazil took a swift decision to temporarily end import duty imposed on PP for 3 months. The government capped the imports of PP homopolymer at 77,000 MT for 3 months.
Polypropylene (PP) Price Trend For the Year
Asia
Asian Polypropylene's (PP) third-quarter results were muted, despite the economy's steady recovery in the third quarter. Fears of a second Covid-19 wave prolonged semi-lockdowns in various countries in southeast Asia and India, impeding the recovery in demand for completed plastic products. Polymer prices remained subdued in mid-August due to weak fundamentals but recovered in the first week of September as supply tightened due to reduced US-origin PP supplies to Asia, bolstered by healthy demand in China.
Europe
Demand for PP appeared to grow in Q3 , with demand steadily improving in Europe towards the end of the year, becoming significantly stronger than in Asia. The market outlook was further bolstered by resilient demand from the automotive and medical sectors. Total declaration of force majeure on the PP plant in early August had a little adverse effect on the market, since other producers reported lower stockpiles and buying activity appeared to be returning to pre-pandemic levels in the coming quarter.
North America
North America remained deafeningly silent in terms of major moves, while several US manufacturers stayed closed and production losses worsened. Lyondell Basell and INEOS, two key players, declared force majeure on PP production throughout the quarter, opting for precautionary shutdowns ahead of storm Laura, limiting the product's global availability. Polypropylene prices increased significantly throughout the quarter despite little export activity, with further rises projected in the next two months.
Latin America
From January to August, Brazil's PP imports were 145,324 MT, a decrease of 10.6% year over year. In the fourth quarter of , polypropylene prices grew 5.8% compared to January's values, which were valued at 1,090 USD/MT, but increased by 28.2% compared to May, the lowest point of the year. It was at its highest level since October of last year.
Procurement Resource provides latest prices of Polypropylene (PP) each price database is tied to a user-friendly graphing tool dating back to , which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
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