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Mid-Eastern homo PP breaks below $1000/ton CIF in Turkey

by ChemOrbis Editorial Team -
  • 11/08/2016 (13:57)
Turkey’s import PP market added to its losses this week with prices moving below the levels in China. Persistently depressed demand was blamed as the main reason for the ongoing downwards trend since mid-July amidst weak energy costs.

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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