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Duty free import PP cargos dealt with further drops in Turkey

by ChemOrbis Editorial Team -
  • 07/08/2015 (11:28)
In Turkey, non dutiable import PP prices were announced with decreases in tandem with bearish propylene markets on a global scale. Converters met their requirements from these origins, particularly in the fibre market, after obtaining further discounts from suppliers.
Egyptian PP cargos were announced at $1300/ton for PP raffia and $1330/ton for PP fibre, DAP Turkey, cash no duty last week. These initial offers indicated $60-70/ton decreases from July.

This week, PP raffia and fibre deals for the origin were reported at $1270/ton and $1280/ton, respectively, down another $30-50/ton from initial August levels. Although a few players claimed to hear even lower levels, traders did not confirm providing such prices, saying that they have asked for additional quota as they mostly sold out their cargos.

Meanwhile, a South European PP source returned to the market with fresh fibre offers at €1160/ton ($1265/ton) CIF Turkey, cash no duty last week before conceding to €1140-1150/ton ($1243-1254/ton) this week. Buyers’ counter bids as low as €1070-1080/ton were not accepted.

A buyer, who purchased 150 tons at €1150/ton, commented, “Although we were in the market to meet our requirements, we are still cautious about purchasing given the ongoing bearish trend. We believe that Turkey is still under some downwards pressure.” The transaction represents a monthly drop of around €110/ton ($120/ton) when compared to their last July deals.
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