Domestic PO prices in China had bottomed out in end-January but their future direction is unclear, they said.
The Chinese markets were closed on 7-13 February for the Lunar New Year holiday.
In the week of 12 February, average prices of bulk industrial-grade propylene glycol (PGI) were flat at $1,025/tonne CFR (cost & freight) northeast (NE) Asia and at $1,200/tonne CFR southeast (SE) Asia, according to ICIS data.
Over the same period, average prices of drummed pharmaceutical-grade propylene glycol (USP) were unchanged at $1,325/tonne CFR NE Asia and at $1,525/tonne CFR SE Asia, ICIS data showed.
Market activity is expected to pick up from this week, albeit at a gradual pace, as downstream unsaturated polyester resins (UPR) plants in China may only resume their pre-Lunar New Year operational levels by the end of the month, market sources said.