Saudi Arabian PP offers for June emerge in Turkey
Saudi Arabian PP raffia prices are currently standing at $1360-1380/ton CIF Turkey, subject to 6.5% customs duty, cash, down $20/ton on the both ends from late May levels.
A source from a Saudi producer reported that they announced their June prices with $20/ton reductions for PP raffia to Turkey. “We are still negotiating with our customers as demand is not strong and most buyers are keeping to the sidelines ahead of the general elections,” the source said.
Overall PP fibre prices for Saudi origins, meanwhile, are reported at $1415-1440/ton on CIF equivalent, subject to 6.5% customs duty, cash basis, which indicates a $30/ton decrease on the high end compared with late May.
A bcf manufacturer in southern Turkey, who reported concluding a deal at $1430/ton for Saudi Arabian PP fibre, said that they are covered until the end of Ramadan.
“Considering that Middle Eastern PP raffia prices are reported as low as $1260/ton CIF China, the level of $1320/ton is justified in the Turkish market and this will create clear downward pressure on the market. In addition, there will be more Iranian cargoes in the market in the days to come, which may create further sales pressure on PP sellers,” stated a packaging manufacturer.
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