Locally-held PP sinks to 6 month low in Turkey
According to ChemOrbis Price Index, Turkey’s locally-held PP raffia market suggests the lowest levels on average since mid-February, 2016. Currently, most PP raffia offers center between $1200-1240/ton ex-warehouse Turkey, cash inc VAT so far this week, meaning a remarkable decrease of $50-80/ton from last week.
“Sellers are calling us more aggressively recently. We were offered some PP raffia at $1210/ton, while we felt that we would obtain $1200/ton if we placed a firm counter bid amidst sufficient supplies,” a sack maker mentioned. Most expectations hint at further drops for PP over the short term.
On the other hand, some players underline the possibility that supply may diminish over the medium term as distributors are likely to keep their replenishment activities in check given muted demand. Global PP suppliers may also elect to direct their cargos to other markets blaming low netbacks in Turkey, they added.
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