Local PP raffia prices post further decreases in Turkey
Locally held PP raffia prices were reported at $1580-1650/ton ex-warehouse Turkey, cash inc VAT this week. This range is down $40/ton on the low end and $100/ton on the high end from last week. According to ChemOrbis Price Index, the range indicates decreases of $100-175/ton when compared to the beginning of March.
“Sellers are open to negotiate this week and prices which were as high as $1800/ton two weeks ago are down by almost $150/ton. We think this is mostly because of falling energy costs. We also think the market may retreat some more as one of the main factors behind the sharp hikes was delays at customs, which have been mostly,” said a sack manufacturer in west Turkey, who added that they are covered until mid-April.
A trader stated that they think PP raffia prices will see the $1550/ton threshold at the beginning of April in line with slowing sentiment. A distributor offering on the high end also commented that they have sufficient material for PP and they are willing to give discounts for serious buyers as market activity is stagnant nowadays.
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