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Import PE prices sink to fresh lows following Eid Holiday in Turkey

by Merve Madakbaşı -
  • 13/06/2019 (10:30)
Turkish players started to return from long Eid al-Fitr Holiday, while weaker price expectations have already concreted for June. The emergence of lower prices from the Middle East and the US pushed the market to below new thresholds.

A few Middle Eastern producers who initially sought rollovers reduced their offers soon after in response to mounting resistance from PE converters. “Sharp price cuts in China, lower energy complex and poor demand exerted extra pressure on sellers in the first week after the holiday,” said a trader.

According to ChemOrbis Price Index, the import LDPE, LLDPE and HDPE markets moved down below the thresholds of CFR $1100/ton, $1050/ton and $1150/ton, respectively on a weekly average this week.

US prices moved down to 3-digit levels of $990/ton for LDPE and $920-940/ton for LLDPE film, extending in the wake of globally weak demand.

“China’s PE market recorded rapid drops during the absence of Turkey which added to the already weak sentiment for June. Economic uncertainties ahead of the rerun of Istanbul elections are likely to continue to curtail activity over the short term,” commented a player.

Buyers, meanwhile, complained about persistently slow domestic end markets, adding that their exports were steady from the pre-holiday period. “We are not eager to build stocks during the current downtrend. The higher TRY/USD parity has not generated buying appetite so far,” a packager noted.
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