Irregular US, Brazilian homo-PP offers show up in Turkey
by Merve Madakbaşı - mmadakbasi@chemorbis.com
In Turkey, an increasing number of players received prices for irregular origins including US and Brazil. Their emergence was attributed to tight supplies in Turkey, while the widening premium of Turkey’s import market over China also attracted overseas suppliers’ attention.
According to ChemOrbis Price Index, the premium of Turkey’s import raffia market over China has drawn near to $100/ton following March hikes. This pointed to the widest premium since November 2018 when the gap between the two markets had hit $122/ton amid steeper falls in China.
This week, US homo-PP raffia offers showed up at $1160-1170/ton CIF Turkey, subject to 6.5% customs duty, cash.
Homo-PP fibre prices were at $1200-1210/ton for US and $1230-1260/ton for Brazilian cargos with the same terms. Prices at and above the $1250/ton CIF threshold were valid for nearer delivery terms.
“Reduced supplies from the Middle East triggered the recent rally for PP. Growing interest for dutiable cargos may be stemming from their advantage for buyers who export their end products,” a large trader commented.
According to some players, the recent offers are given for modest quantities and they may not be valid for long in case supply from Middle East sources finds a relief.
ChemOrbis Import Statistics revealed that Turkey’s homo-PP imports from the US stood at only 367 tons, while imports of Brazilian homo-PP totaled at 2069 tons for the full 2018.
To track Turkey’s imports by country, please click here (For members only)
To track Turkey’s imports by product, please click here (For members only)
According to ChemOrbis Price Index, the premium of Turkey’s import raffia market over China has drawn near to $100/ton following March hikes. This pointed to the widest premium since November 2018 when the gap between the two markets had hit $122/ton amid steeper falls in China.
This week, US homo-PP raffia offers showed up at $1160-1170/ton CIF Turkey, subject to 6.5% customs duty, cash.
Homo-PP fibre prices were at $1200-1210/ton for US and $1230-1260/ton for Brazilian cargos with the same terms. Prices at and above the $1250/ton CIF threshold were valid for nearer delivery terms.
“Reduced supplies from the Middle East triggered the recent rally for PP. Growing interest for dutiable cargos may be stemming from their advantage for buyers who export their end products,” a large trader commented.
According to some players, the recent offers are given for modest quantities and they may not be valid for long in case supply from Middle East sources finds a relief.
ChemOrbis Import Statistics revealed that Turkey’s homo-PP imports from the US stood at only 367 tons, while imports of Brazilian homo-PP totaled at 2069 tons for the full 2018.
To track Turkey’s imports by country, please click here (For members only)
To track Turkey’s imports by product, please click here (For members only)
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