Import PE prices continue to retreat in Turkey
As for LDPE, three major Middle Eastern suppliers are reported to have reduced their list prices by $20-40/ton last week to $1200/ton while players reported the latest deals for this product at $1180-1190/ton CIF, cash, subject to 6.5% duty, cash. The latest LLDPE offers from the Middle East were reported at $1150-1160/ton with the same terms.
In the HDPE market, the decreases were larger due to more comfortable availability for this product as a distributor reported receiving a Middle Eastern HDPE film offer as low as $1130/ton with the same terms last week. The presence of Uzbek offers at $1100-1120/ton for HDPE film and bm on CIF, cash, subject to 3% duty basis is said to be exerting pressure on other origins due to the duty advantage.
New June offers are expected to be revealed this week from regular suppliers, most of whom express bearish expectations. The China based netback calculations also suggest further decreases ahead, theoretically implying PE prices below $1100/ton on a CFR Turkey basis.
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