Duty free import PP cargos dealt with further drops in Turkey
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September
- Force majeure declarations rock the boat in Turkish PVC market
- China’s PE uptrend fueled by US force majeures; LDPE soars to more than 1-year high
- Stats: China’s cumulative PP imports in Jan-July 2020 reach record-high
- Sept PP, PE trend begins to take shape in Saudi Arabia
- Sept expectations voiced in Europe; ABS draws rosier picture than PS