Saudi Arabian PP offers emerge lower for Dec in Turkey
A Saudi Arabian major’s PP fibre prices represented $40-50/ton drops from last month to be reported at $1020/ton CIF Turkey and $1030/ton FCA Turkey, subject to 6.5% customs duty, cash.
An agent of a Saudi Arabian source offered PP raffia at $990/ton and PP fibre at $1030/ton CIF Turkey, subject to 6.5% customs duty, cash. These offers indicated a decrease of $40/ton and $20/ton, respectively from November levels.
A global source also lowered its prices for Saudi Arabian cargos by $30-40/ton this week bringing its recent offers to $990/ton for homo PP inj., $1010/ton for fibre and $1020/ton for BOPP, CIF, subject to 6.5% customs duty, cash. A source attributed the decision to unsatisfactory demand.
“We are not actively looking for material whereas we agreed to meet with sellers during the fair later this week,” some converters said. A sack maker reported, “We will not attend Plast Eurasia in Istanbul on December 7-10. We believe that the current offers are negotiable.”
A manufacturer commented, “China’s PP market showed an upturn this week spurred by remarkable gains in the Dalian futures market. However, we are not sure about whether this rebound will last long or not. For the near term, a stable to soft trend is likely in Turkey since the slow year end trading as well as financial issues are still dominant. Buyers are refraining from stocking up as end markets are not spectacular. Plus, they would prefer to wait until the dollar/TL parity stabilizes after the recent easing.”
In the meantime, prior to the fair, PP sellers concurred that demand for raffia grade was slower than for fibre. “Raffia converters are mostly active in the domestic market unlike fibre buyers who rely on exports and are consequently less affected by the depreciation of TL. PP fibre prices may manage to hold while raffia prices will lose more ground,” players opined.
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