Locally-held homo PP market sees new lows in Turkey
The low end of the homo-PP raffia range broke below $1400/ton threshold earlier in May with recent offers being reported between $1380-1450/ton ex-warehouse Turkey, cash inc VAT. The range declined $40/ton on the low end from a week earlier, meanwhile. According to ChemOrbis Price Index, the local PP raffia market slumped by around $140/ton throughout the last two months.
The data from ChemOrbis Price Wizard also revealed that the premium of the local market over imports points to the largest since mid-February this year. “Unless demand picks up ahead of Ramadan, the local market is likely to lose ground further considering the ongoing pressure from lower costs of import cargos. On the other hand, some grades of homo PP injection remains limited, which keeps the discounts in check for this product,” some players opined.
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