Locally-held PP raffia prices continue to edge lower in Turkey
This week, prices for locally held homo-PP raffia cargoes were reported at $1670-1760/ton on an ex-warehouse Turkey, cash inc VAT basis, which indicates a decrease of around $30/ton on average from mid-May. Russian origins form levels below $1700/ton for prompt cargoes as some sellers who are suffering from cash flow issues are trying to conclude deals.
“The market is silent nowadays and buyers are on the sidelines given softening expectations in the market, although it will be the start of the traditional high season soon. We have enough material for now,” stated a packaging manufacturer.
A trader also commented that the market is stagnant due to the approaching elections, adding that if the market does not improve in terms of activity, this may maintain downward pressure on prices. He thinks that the direction of the market will be clearer in July.
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