Losses of PP outpace PE in China, Turkey
The cumulative decrease recorded in China’s import PP market has reached 13% since early April on average while the PE market has posted smaller decreases. In the PE market, the cumulative decrease was around 7% for LLDPE and HDPE while LDPE’s loss was relatively larger at 10%.
A similar situation has been in place in Turkey with import PP prices posting a cumulative loss of 17% since late April. On the other hand, the PE market witnessed comparatively smaller decreases of 11% for HDPE and LLDPE and 6% for LDPE.
Unlike China, Turkey’s LDPE market has posted a smaller decrease when compared to LLDPE and HDPE, which is attributed to relatively reduced supply for this product whereas players have been reporting ample availability particularly for HDPE.
The reason why PP markets posted a more considerable loss than PE both in China and Turkey can be attributed to the previous upturn, where gains were sharper in PP. “PP prices were overstated during the upturn and therefore, their loss has become more visible due to swings in supply,” commented a trader.
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