PP prices pare half of previous losses in 3 months
In China, homo PP prices have posted a cumulative increase of around $230/ton on average since mid-January, according to ChemOrbis Price Index, after having lost ground by more than $500/ton in the May 2015-January 2016 period.
In Turkey, it is a similar case with import PP prices rising by more than $290/ton on average in the past two and a half-month period. This followed a downturn of eight months, when prices recorded a cumulative decrease of more than $600/ton on average, based on ChemOrbis Price Index.
In terms of expectations, players both in China and Turkey, think that the firming trend may persist for the near term given the ongoing tightness. However, some players in China are voicing concerns over the May outlook considering the fact that many plants will be resuming production.
Several Turkish buyers also voice similar comments, arguing “The bullish trend will lose speed once supply from regular import sources and the domestic producer improves. It was triggered by lack of supplies rather than the demand side. In fact, end product markets are not bright amidst cash flow issues.”
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