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LATEST NEWS: Saudi Arabian PP raffia breaks below $900 CFR in Turkey

by Merve Madakbaşı -
  • 31/03/2020 (16:23)
Turkey’s import PP market continue to move south as new April offers started to emerge with a new series of drops. Players already expected price cuts in the wake of dramatic declines in oil and propylene prices worldwide as well as the impact of COVID-19 outbreak on certain end product markets in Turkey.

Accordingly, Saudi Arabian homo-PP raffia prices have broken below the $900/ton CFR Turkey, subject to 6.5% customs duty, cash threshold in a few cases. Some players confirmed offers at $860-870/ton with the same terms.

The weekly average data from ChemOrbis reveal that Saudi PP raffia prices had last moved below $900 CFR in February 2016, meanwhile. Based on the prevailing homo-PP raffia and injection range in China, prices in Turkey may have some further room to go down, as can be seen from the ChemOrbis Product Snapshot below.

*Right click the image and open in a new tab to view the full-sized snapshot.

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