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Local PP, PE markets nosedive in Turkey

by ChemOrbis Editorial Team -
  • 09/01/2015 (16:58)
Locally-held PP and PE markets in Turkey hit fresh lows recently, driven downwards by sharply falling upstream costs as well as lower import Middle Eastern offers for January. Consecutive decreases from the domestic producer, Petkim, also sped up this trend while materials on the way emerging at cheaper levels exerted extra pressure on the market.

Petkim applied $165/ton decreases for PP grades while cutting their PE prices by $150/ton for LDPE and LDPE-t and by $130/ton for HDPE grades right after the new-year holiday.

In the PP market, raffia prices hit their lowest levels since December 2009, according to ChemOrbis Price Index. The price range was quoted between $1420-1550/ton ex-warehouse Turkey equivalent, cash inc VAT, down $50-70/ton from last week. As the week proceeded, prices above $1500/ton became scarce even for prompt materials. The market showed a dramatic drop of around $370/ton on average for the last three months.

Source: ChemOrbis Price Wizard

Meanwhile, local PP block copolymer prices had been pegged at $1600-1650/ton with the same terms during last week before prices plunged to $1410-1450/ton with the same terms this week. Players commented the premium normally carried by PP copolymer over homo-PP has disappeared recently.

In the PE market, the overall ranges posted three digit decreases this week for all PE products with prices sinking to the lowest levels seen in around two and a half years. The latest local ranges were reported at $1650-1750/ton for LDPE film, at $1650-1690/ton for LLDPE c4 film and at $1670-1770/ton for HDPE film. All ranges were reported on an ex-warehouse Turkey equivalent, cash inc VAT basis while representing falls of $150/ton, $50-160/ton and $110/ton, respectively. The cumulative decreases reached $360/ton for LDPE, $345/ton for LLDPE and $270/ton for HDPE in the last three months.

Source: ChemOrbis Price Wizard

The prevailing import PP and PE prices in Turkey suggest that locally-held markets still have room to move down in the coming days amidst hesitant activity, sufficient supplies and low energy costs.
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