Initial Middle Eastern PE offers emerge for Sept in Turkey
The producer announced its fresh PE offers at $1230/ton for LDPE film, $1220/ton for LLDPE c4 film and $1240/ton for HDPE film, all on CIF Turkey, subject to 6.5% customs duty, cash. These prices indicate drops of $20-40/ton, $30-50/ton and $30/ton, respectively.
“We are facing resistance from buyers towards our PE prices,” a producer source commented. Another player added that they believe that PE prices might reach the $1200/ton level in the days ahead.
PE buyers in Turkey expect to see lower prices from the region in the days to come given generally hindered activity amidst the bearish trend that has been in place for the past two months in global PE markets and the cloudy political scene inside Turkey. Crude oil and downstream naphtha and ethylene prices have seen new lows at the start of the week, which lends further support to converters’ expectations.
A buyer in the south stated, “Supply is not that comfortable for some PE grades and buying interest is generally restricted to prompt materials only. We may see sizeable decreases of around $70-80/ton next week considering widely expected drops in the awaited ethylene contracts in Europe amidst the higher euro/USD parity. No one plans to buy large amounts of raw material until the market reaches the bottom.”
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