Local homo PP breaks below $1500/ton threshold in Turkey
Following gradual discounts from distributors over the past few weeks, the local homo PP raffia range has broken below the $1500/ton threshold recently on the low end, which comes to $1271/ton exc VAT. Offers were at $1490-1530/ton ($1263-1297 exc VAT) ex-warehouse Turkey, cash inc VAT for promptly available cargos, down by another $10/ton on both ends from the week before.
Meanwhile, more competitive prices for en-route materials from Central Europe surfaced at $1460-1470/ton with the same terms, $1237-1246/ton without VAT. Players commented, “Although there is no downward pressure from global markets and import prices from traders showed only tentative discounts, Turkey’s local market has eased as it is struggling with lethargic demand these days.”
Similarly, PP fibre converters reported receiving competitive offers from distributors at $1480-1490/ton with the same terms ($1254-1263/ton exc VAT) for the last two weeks.
Converters generally think that local PP prices may post further discounts albeit in moderate amounts as the widespread waiting stance along with sufficient supplies may cause distributors to falter over the near term. Sellers also admitted, “Many manufacturers are adopting a wait-see stance as they are covered and believe the market will lose more ground in November.”
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