With upstream crude and naphtha rising in Asia and some gains in the derivative Polypropelene (PP) markets across Asia, last week saw propylene prices bottomed out with inventories buildup.

Buyers are in a 'wait and watch' mood as downturn in prices have been witnessed which had in the recent past seen a steady rise.

Even the report that Nippon Oil is likely to step up PP exports to 150 kilo tons, up from 50 kilo tons does not deter price level justification at US $800 per metric ton FOB Korea bolstered by the news that Asian demand for PP is on the increase.

Market sources from East Asia quoted December deals at $900 per metric ton CFR mark.

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