Mid-Eastern homo PP breaks below $1000/ton CIF in Turkey
During the week, Saudi Arabian homo PP raffia prices centered between $960-980/ton CIF Turkey, subject to 6.5% customs duty, cash after a regional source sold out its August cargos at $980-1000/ton on Monday. The current range dropped $40-50/ton compared to last week. A sack maker commented, “We are sure that there must be a deal at $950/ton amidst many offers at $960-970/ton this week. Sellers are aggressively calling us recently to generate some sales.”
Saudi Arabian PP fibre offers declined further as well. The prevailing prices were quoted at $1000-1030/ton CIF, subject to 6.5% customs duty, cash, down $40/ton on the low end and $10/ton on the upper end week over week. Converters complained about their slow end business and kept their purchases restricted to their needs.
A bcf maker argued, meanwhile, “Saudi Arabian offers mostly stand at $1000-1010/ton CIF Turkey. Based on China, there has been no downwards pressure on Turkey, in the meantime. Whenever homo PP sees below $1000/ton, Saudi Arabian suppliers direct their cargos to other global markets where they can obtain better netbacks.”
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