Local prices jump in Turkey, PP sees the sharpest gain
In the homo PP raffia market, prices for locally held cargoes have gained $224/ton on average in the past four weeks after having bottomed out in the first week of February. Availability for homo PP is considered specifically tight, according to players. Although some think that such abrupt hikes are unjustified and are causing a balloon, others attribute this spike to the large losses recorded in the PP market during the downturn.
According to ChemOrbis Price Index, locally held homo PP raffia prices lost 38% between the peak and the bottom of the trend, which corresponds to mid May in 2015 and the end of January and the beginning of February in 2016. On the other hand, the losses of other products including PE, PVC and PS were around 27-29% in the same timeframe.
The larger cumulative gain in raffia prices is followed by the gains in GPPS and PVC, both of which are also considered tight, in many players’ opinion, due to reduced stock replenishment. Locally held prices for GPPS gained $90/ton on average in a month while PVC moved up by $70/ton on average, as suggested by ChemOrbis Price Index.
PE witnessed a smaller increase of $40-60/ton in the past four weeks, according to ChemOrbis Price Index, due to relatively more comfortable supplies and less promising demand for this product. As a result of the surging PP prices, the gap between PP raffia and HDPE film has narrowed to a year-low.
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