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Locally-held PP raffia prices above $1700 found unworkable in Turkey

by ChemOrbis Editorial Team -
  • 16/06/2015 (16:59)
In Turkey, an increased number of offers below the $1700/ton threshold have been reported recently for locally-held PP raffia. However, buyers are in no rush to secure cargoes despite these decreases. Some players said that prices above $1700/ton are unworkable given some done deals below this level, weak demand stemming from the nearing Ramadan and summer holidays as well as political uncertainty following the elections in addition to the depreciation of the local currency against the US dollar.

“We are not importing fresh cargoes despite sellers’ discounts as we think that prices have some room to post further decreases,” a buyer said.

Offers for locally-held PP raffia prices are currently standing at $1650-1750/ton on an ex-warehouse Turkey, cash inc VAT basis. Sellers who do not feel any sales pressure nowadays mostly offer above the level of $1700/ton.

“Overall activity is slow and we expect this to persist given the upcoming Ramadan. Prices will probably post further decreases next month. If supply tightens, prices may show an artificial jump by July or August, but this would not last long. Our raffia price might be at the high end since we are not in a panic or eager to sell in large amounts," said a trader who offering at $1750/ton ex-warehouse.
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