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Saudi Arabian PP offers lose further ground in Turkey

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/06/2015 (16:18)
In Turkey, Saudi Arabian homo-PP offers continued to lose ground this week in line with slowing market activities due to the month of Ramadan, political uncertainty following the elections and ongoing cash flow issues in addition to the stronger dollar.

Currently, Saudi Arabian homo-PP offers were reported at $1300-1320/ton for raffia and at $1370-1400/ton for fibre on a CIF Turkey, subject to 6.5% customs duty, cash basis, both down $20-30/ton from a week earlier.

Players are currently claiming that PP prices are following a more bearish trend than PE in Turkey. Most buyers are sidelined as they are expecting to see additional decreases for July. “Overall market activity is stagnant and we will not buy anything until early next month as we expect to see lower levels due to the Ramadan lull,” a buyer stated.

Meanwhile, a trader who generally offers Saudi Arabian PP fibre stated, “We expect to see some price reductions next month while we are yet to determine our sell ideas.”
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