Import PP prices fall below $1100/ton threshold in Turkey
The overall ranges for import Saudi Arabian PP cargos are currently standing at $1095-1125/ton for fibre on a CIF Turkey, subject to 6.5% customs duty, cash equivalent basis and at $1070-1080/ton for raffia with the same terms. These levels indicated $25-30/ton decreases from a week earlier. Similarly, Iranian PP fibre offers that are subject to 6.5% duty start from as low as $1130/ton CPT, cash, which would come to $1095/ton when converted to CIF term.
“Buying interest is extremely slow due to lower crude oil prices and the rising political tension. We think that prices for all products have further room to move down and we do not expect a reversal any time soon under these circumstances,” commented a distributor.
A converter, meanwhile, said that they are still making hand to mouth purchases given the persistently bearish trend in the market. “We will try to obtain lower levels in the days ahead,” he added.
NYMEX crude oil prices neared the $40/barrel threshold by the middle of the week, hitting the lowest level seen since February 2009, according to ChemOrbis Price Index. In addition, spot naphtha prices in Asia have hit the lowest levels since January of this year and were reported at $450/ton CFR Japan by middle of this week.
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