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Mid-Eastern PP, PE producers unveil lower June prices to Turkey

by ChemOrbis Editorial Team -
  • 03/06/2016 (10:33)
In Turkey, fresh June offers from Middle Eastern sources started to be reported below the most recent May levels in tandem with widespread expectations. The main triggering factor behind the new round of declines was stagnant activity amidst the ongoing bearish trend as well as generally comfortable polyolefins supplies ahead of the approaching Ramadan.

In the homo PP market, Saudi Arabian homo PP ranges declined by another $30/ton on the low ends following lower price announcements. PP raffia offers were at $950-1010/ton CIF Turkey, subject to 6.5% customs duty, cash. PP fibre stood at $1010-1050/ton cash equivalent, with a deal at $1030/ton, 360 days for a Saudi origin.

A global producer offering PP raffia and fibre at the high ends admitted, “The market is very quiet and deals are scarce. We will observe the market as we are not willing to give further discounts in sizeable amounts for now.” A trader also argued, “Any raffia price at or above $1000/ton and fibre above $1020/ton would be unworkable nowadays.”

In the PE market, a Saudi Arabian major revealed $80/ton decreases. The producer’s most recent offers are at $1180/ton for LLDPE c4 film and $1190/ton for HDPE film, all FCA Turkey, subject to 6.5% customs duty, cash. A few converters noted that they had expected larger decreases from the supplier considering the availability of more competitively priced Saudi Arabian origins in the market.

Middle Eastern LDPE film offers were reported $20-30/ton lower on the week at $1150-1170/ton CIF Turkey, subject to 6.5% duty, cash amidst speculations that levels below $1150/ton are also obtainable. LLDPE and HDPE film offers from the region were respectively at $1130-1140/ton and $1120-1150/ton with the same terms.
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