Middle Eastern producers cut PP, PE prices to Turkey
A Saudi Arabian major revealed their new PP fibre offers at $1520/ton CIF Turkey, subject to 6.5% customs duty, cash, down $40/ton from October. A bcf maker reported purchasing a limited amount of material from the producer given his delayed cargos from Egypt. However, many buyers elected to adopt a waiting stance due to their expectations of additional price cuts. “We are not rushing to buy since the market may fall further and due to the fact that our end business is calm. We may consider buying though if we capture a good price like $1500/ton,” some carpet makers noted.
A second Saudi Arabian producer initially offered PP fibre at $1560-1570/ton with the same terms for November, with decreases of $30-40/ton month over month. However, buyers reported receiving prices as low as $1540/ton from the supplier recently. “Buyers expect to see lower prices in the coming term and that’s why they buy on a weekly or even daily basis,” a source from the producer opined.
In the PE market, a Saudi Arabian major approached the market with lower November prices as buyers were offered LLDPE c4 film at $1530/ton and HDPE film at $1580/ton, all on FCA Turkey, subject to 6.5% customs duty, cash. However, the producers’ prices are reported with additional cuts this week at $1510/ton and $1560-1570/ton, respectively with a few deals being reported. A buyer reported early this week, “The producer already revealed $40/ton drops last week before they stepped back $10/ton more.”
Qatari PE prices initially emerged at $1510/ton for LDPE film and $1490/ton for LLDPE c4 film, all CIF Turkey, subject to 6.5% customs duty, cash for November. Recently, these prices are reported lower at $1490-1510/ton and $1460-1470/ton, respectively and indicate drops of between $10-30/ton from initial announcements.
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