Iranian PP, PE offers edge lower in Turkey
This week, offers for Iranian PP fibre softened $20/ton week over week to be reported at $1415-1440/ton for PP fibre CPT, cash, subject to 6.5% duty.
“There are lots of Iranian offers in the market. Sellers are open to negotiations as they cannot see much interest. There is a carpet fair next week, when they hope to conclude some deals,” reported a bcf manufacturer in southern Turkey.
For PE, meanwhile, Iranian offers were reported at $1410-1420/ton for LLDPE film without additives and $1520/ton for HDPE film 5110 and 7000-F with the same terms, down $40-50/ton and $10/ton, respectively from a week earlier.
“The market activity is slow for both PP and PE. We think activity will continue to be subdued for a week or 10 days. Supply is tight but demand is limited as well. They counterbalance each other,” commented a trader.
“Even though sellers do not want to admit it, we feel they are starting to feel nervous because of retreating ethylene and PE prices in Asia as well as the resistance building on the buyers’ side,” said a packaging converter.
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