Saudi Arabian PP offers lose further ground in Turkey
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.”
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September
- Force majeure declarations rock the boat in Turkish PVC market
- China’s PE uptrend fueled by US force majeures; LDPE soars to more than 1-year high
- Stats: China’s cumulative PP imports in Jan-July 2020 reach record-high
- Sept PP, PE trend begins to take shape in Saudi Arabia
- Sept expectations voiced in Europe; ABS draws rosier picture than PS