Egyptian PP prices gain ground for late Jan in Turkey
Deals for Egyptian PP raffia and fibre cargos were both concluded at $1000/ton DAP Turkey, cash last week. However, PP raffia was dealt higher at $1040/ton with the same terms while PP fibre was also traded higher at $1050/ton and then $1070/ton. “We sold some additional allocations for end January at higher levels compared to our previous deals. New February prices are yet to surface in the PP market while overall activity remains calm,” a trader commented. A converter also confirmed receiving PP fibre price at the abovementioned level for Egyptian fibre.
Some sellers claim that PP prices might be nearing the bottom as the amount of losses has narrowed in energy markets, spot propylene are up in Asia amidst supply concerns and prompt supplies are limited in Turkey.
However, other players still keep their expectations of seeing some more declines, saying that end product markets are not very strong and that this may keep purchasing amounts to a bare minimum. Plus, the possibility of lower February propylene contracts in Europe as well as the approaching Chinese New Year Holiday in Asia may also keep sentiment soft.
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