In October, Taiwan's propylene contract price for shipments witnessed a significant decline, with a noteworthy agreement reached at USD 9 per tonne lower than the previous month. Consequently, the contract price for propylene in October was established at USD 883 per tonne, delivered (DEL), in contrast to the previous month's price of USD 892 per tonne, also delivered. This adjustment in price was the result of negotiations between a key producer and its buyers.

In a separate report, it was previously noted that the contract price for propylene deliveries in Europe for the month of October had been settled at EUR 1,120 per tonne, representing an increase of EUR 60 per tonne compared to the previous month of September.

To provide a broader context on the propylene market, a review by ScanPlast offers insights into polypropylene supply in the Russian market during the first eight months of 2023. The review calculates the supply as the sum of production and imports, minus exports, while excluding exports to Belarus and Kazakhstan. According to their findings, the supply of polypropylene to the Russian market during this period amounted to 1,034.76 thousand tons. Notably, this figure signifies a 10% increase in supply compared to the same period in the previous year.

These developments in the propylene market are indicative of shifting dynamics in the industry. Taiwan's contract price reduction for October reflects the ongoing negotiation and adjustment processes within the global propylene market, as producers and buyers adapt to changes in supply and demand. Similarly, the increase in Europe's propylene contract price indicates the region's willingness to pay more for this essential chemical component, potentially driven by various factors such as production costs and international market conditions. Lastly, the growth in polypropylene supply to the Russian market suggests an expansion in the industry, with manufacturers and importers responding to increased demand.

The decrease in Taiwan's propylene contract price to USD 883 per tonne, DEL for October, compared to the previous month's price of USD 892 per tonne, DEL, is a noteworthy development within the propylene market. This price adjustment was a result of negotiations between a major propylene producer in Taiwan and its buyers. It demonstrates the flexibility and adaptability of pricing in the industry, reflecting the ever-changing dynamics of the global petrochemical market.

ScanPlast's review sheds light on the supply dynamics of polypropylene in the Russian market. According to their analysis, the supply of polypropylene to Russia during the first eight months of 2023 amounted to 1,034.76 thousand tons, as calculated using the formula: production + import - export, while excluding exports to Belarus and Kazakhstan. This figure represents a substantial 10% increase compared to the same period in the previous year, indicating a robust and growing polypropylene market in Russia.