Middle Eastern suppliers cut PE offers to Turkey
A global producer started to offer Saudi LDPE at $1150-1160/ton CFR Turkey, cash, subject to 6.5% duty. These offers indicate a decrease of $60-70/ton when compared to the offers reported in early November from the same source. “Demand is poor not only in Turkey, but also in other Middle Eastern countries,” said the source.
Another Middle Eastern producer also reported to be offering LLDPE at $1200/ton and HDPE film at $1180-1200/ton with the same terms. The producer’s offer levels suggest a decrease of $30/ton for LLDPE and $50-70/ton for HDPE film when compared to their initial November offers.
A third supplier from Saudi Arabia reported having sold out HDPE film last week, $20-30/ton lower than its initial November offers from the bonded warehouse at $1280/ton FCA, subject to 6.5% duty, cash. As for December, the source was expecting to see some downward pressure due to retreating PE prices in China.
Players are now waiting to see the new PE offers from a major Saudi producer and a Qatari producer.
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