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Middle Eastern PE offers up for Nov, yet get lukewarm response in Turkey

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/11/2020 (14:38)
Fresh PE pricings in Turkey started to become apparent this week as Middle Eastern suppliers revealed their November offers. The latest levels indicated monthly hikes whereas they are yet to spur much enthusiasm among participants.

*LDPE is still supported by supply constraints
*Comfortable supply weighed on LLDPE
*Low season is set to kick off for some applications
*Record low lira affects PE trade more than PP

Overall, offers from the region were mostly reported at $1060-1100/ton for LDPE, $910-930/ton for LLDPE C4 film and $980/ton for HDPE film, all CIF Turkey, subject to 6.5% customs duty, cash.

A Saudi Arabian major’s new offers centered at $1010-1020/ton for LLDPE C4 film and $1060-1070/ton for HDPE film, FCA Turkey bonded-warehouse, subject to 6.5% customs duty, cash. “The producer issued $50/ton hikes, minimum. Their prices may have room for slight discounts on deals,” a packager noted.

Another Saudi source issued notable increases of $80/ton for LDPE, bringing their latest November price to $1100/ton CIF Turkey, subject to 6.5% customs duty, cash. The seller’s offers had formed the low end of the overall dutiable LDPE market back in early October, as a side note.

A different Middle Eastern producer announced its fresh LDPE, LLDPE C4 film and HDPE film offers at $1070-1080/ton, $920-930/ton and $980/ton, respectively, with the terms above. “Demand has been smooth towards our materials while we do not have large amounts for another month.”

Several players reported to ChemOrbis, “LDPE fares better than LLDPE and HDPE in terms of demand as supply is not adequate for this product. We do not expect the entire hikes to pass on deals for LLDPE though amid muted buying interest.”

Although Middle Eastern sellers allocated moderate quotas to Turkey and US sources remain mostly absent for the time being, no supply woes are voiced for other grades as prompt availability is comfortable particularly for LLDPE. The nearing low season for certain applications and an all-time high USD has curtailed PE activity, as players put it.

Turkey initiated a dumping probe on Saudi Arabian LDPE last month for which the outcome is yet to be released. This created some concerns about supply among players but also curbed demand for Saudi Arabian PE cargos in general.
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