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Mid-Eastern PP, PE producers issue higher August prices to Turkey

by ChemOrbis Editorial Team -
  • 03/08/2017 (11:04)
New PP and PE offers from the Middle East were revealed with increases for August shipments in Turkey this week. Higher price announcements were in line with expectations as a firmer sentiment had already been boosted by higher sell ideas voiced by traders at the end of July, price increases from Petkim and the temporary delivery issues from Iran.

In the PP market, the overall Saudi Arabian homo PP raffia range currently stands at $1100-1120/ton CIF Turkey, subject to 6.5% customs duty, cash. Throughout July, when the post-Eid lethargy weighed on the market and put a cap on hike intentions from sellers, deals were reported as low as $1060-1080/ton with the same terms. Thus, the new offer levels from the region imply increases of up to $40/ton.

Homo PP fibre prices from Saudi Arabia emerged $40/ton higher as well at $1120-1130/ton CIF Turkey, subject to 6.5% customs duty, cash following the deals as low as $1070-1090/ton done by large scaled buyers last month. “We don’t have PP raffia allocation for this month while we plan to remain strong on our fibre offers, which we raised by $40/ton from last month,” a source from a Saudi Arabian producer reported.

In the PE market, the overall Middle Eastern ranges were up by $20-30/ton to $1190-1210/ton for LDPE, by $30-40/ton to $1130-1140/ton for LLDPE c4 film and by $10-30/ton to $1090-1110/ton for HDPE film, all CIF Turkey, subject to 6.5% customs duty, cash. The monthly increases from regional sources centered between $20-40/ton for all products except for a couple of producers issuing rollovers for HDPE film. During July, some Saudi Arabian HDPE and LLDPE film cargos had been traded as low as $1050-1080/ton depending on tonnage, customer and grade.

“We expect the PE market to retain its upward momentum over the near term supported by surging spot ethylene prices in Asia and a firm trend in China,” commented a source from a Middle Eastern producer. Yet, a converter said, “The recent upturn came after a 5 month long bearish trend in Turkey, which was mainly driven by a stronger trend in China and supply disruptions from Iran. However, buying appetite is not spectacular in Turkey, which we expect to put a cap on larger increases.”

A PP converter opined, “Mounting concerns on halted deliveries from Iran have eased this week as the consulate approval for Iranian imports were suspended for the time being. Shipments and deliveries from Iran to Turkey are reported to be smooth these days.
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