Local PE prices softened in Turkey
Prices for locally held cargoes declined by $20-40/ton to $1710-1800/ton for LDPE, $1680-1800/ton for LLDPE and $1750-1910/ton for HDPE film, all on ex-warehouse basis inc VAT. However, buyers reported that HDPE film offers at around $1900/ton are not workable. “The market somewhat stepped back from the recent supply-driven over-inflated levels while the high ends of the range are still too high to accept,” said a buyer. Distributors attributed weakening local prices to the record high US dollar as well.
“There was a bubble in prices and they are seeing a bit of a correction now. We expect the market to hold steady in the days to come,” commented a packaging buyer in southern Turkey. Another buyer in western Turkey also reported that the previous panic mood has faded, adding that LLDPE and LDPE supplies are sufficient while HDPE remains tight.
Buyers also highlighted that Petkim, who had been raising its prices steadily in the past few months, kept its PE prices unchanged this week and they interpreted this move as a sign of the weakness in the market.
Despite the softening in the local PE market, the import market held mostly stable while activity was calm ahead of new April announcements from nearby suppliers.
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