Previous low ends fade away in Turkey’s PP market
In the import market, the previous low ends for Saudi Arabian origins disappeared as suppliers issued $10-20/ton hikes on their prices. Currently, PP raffia prices are up $10-20/ton to $970/ton CIF Turkey, subject to 6.5% customs duty, cash. Materials of a Saudi Arabian major are offered stable for PP fibre, meanwhile, at $1050/ton FCA Turkey, subject to 6.5% customs duty, cash.
According to buyers, sellers are trying to bring the market back into balance with China. A sack maker opines, “We were not offered $950/ton for Saudi cargos this week as sellers are seeking $20-30/ton increases. However, we don’t think that these hike targets will materialize.”
Iranian PP offers firmed up as well compared to last week. PP raffia was priced steady from last week’s high end at $1000/ton CPT, subject to 6.5% customs duty, cash, while offers for fibre cargos gained $15-20/ton at $1030-1040/ton with the same terms. Meanwhile, prompt Iranian PP fibre was quoted between $1020-1040/ton FCA, cash, stable to $10/ton higher on the week.
According to traders, an Indian producer plans to lift its homo PP prices for September. Indian PP raffia prices were last reported at $970/ton CFR Turkey, subject to 3% customs duty, cash. “We were informed that the supplier is closing the month and withdrew this offer level to return with higher levels,” a distributor reported.
Rising propylene prices both in Asia and Europe week over week provide support for a firmer trend. However, some players don’t think a real upturn can be achievable due to still moderate demand until after the Eid Holiday in September. “Prices may only see small upwards corrections,” they comment.
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