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Turkey’s LDPE market lags behind big leap in China

by Merve Madakbaşı -
  • 18/09/2020 (16:17)
PE prices moved up to some extent in September owing to an upward pressure from import offers in China. Buyers returned to the market to replenish their stocks before activity calmed down this week as the record low lira pervaded polymer markets in Turkey.

“Demand has slowed down compared to the previous two weeks in the shade of the rising infections across the board and economic woes. Yet, we concluded satisfactory sales earlier in the month,” noted a seller.

Middle Eastern LDPE offers were assessed $30/ton higher from last week at $1030-1050/ton CIF Turkey, subject to 6.5% duty, cash in response to an ongoing tightness across the globe. This was versus notionally steady HDPE film and LLDPE c4 film prices.

Needless to say, the LDPE market was influenced by tightness-driven hikes in China albeit partially looking at the prevailing levels at $1160-1180/ton CFR China.

“A lack of fresh capacities for LDPE, restricted supply from Iran and healthy demand for imports amid the multi-month high CNY/USD led to rapid gains in China. Nevertheless, even after September hikes, Turkey’s response was limited and the market remained well below China,” lamented suppliers. According to ChemOrbis data, Turkey is trading $88/ton below China’s import LDPE market.

Contributing to the scene, more European LDPE offers showed up in Turkey this week with prices from nearby sources rolling over amid unfavorable parity and weak demand inside the region. “This might also have capped larger hikes,” manufacturers said.
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