Turkey’s PP and PE markets face a new series of drops, eyes on China
by ChemOrbis Editorial Team - content@chemorbis.com
Import PP and PE prices sustained their bearish trend in the first week of December with fresh offers from the Middle East and US sending the markets to new lows. Prices for both products followed mostly a downward trend since July this year, according to ChemOrbis Price Indexes.
Many players are now readying to take their places in 28th International İstanbul Plastics Industry Fair starting from Wednesday. They are also tracking the cautiously improved sentiment in China following trade truce with the US.
In the PP market, Saudi Arabian homo PP prices already broke below $1200/ton for raffia and $1250/ton for fibre, CIF Turkey, subject to 6.5% customs duty, cash early this week. Offers for December were quoted at $1170-1210/ton and $1200-1230/ton. Israeli PP fibre prices emerged lower on the month at $1280-1300/ton CIF, cash no duty.
Large scaled buyers, meanwhile, still expressed lower buy ideas at $1100-1120/ton for raffia and $1150-1160/ton for fibre, pointing to the current import PP offers in China and €100/ton ($113/ton) lower propylene contracts in Europe for December.
In the PE market, the intensified pressure of American cargos persisted as US prices hit $1000/ton for LDPE CIF Turkey, subject to 6.5% customs duty, cash. LLDPE c4 film and HDPE film hit below the thresholds of $950/ton and $1150/ton, respectively, to as low as at $930/ton and $1135/ton.
Middle Eastern producers, including a Saudi Arabian major, applied considerable monthly drops which brought the overall ranges to $1000-1050/ton for LDPE, $980-1050/ton for LLDPE and $1135-1160/ton for HDPE film, all CIF equivalent, subject to 6.5% customs duty, cash basis.
A global trader said, “We expect to receive a better clue about the future direction of the market during the fair. Although China’s local markets recently displayed a recovered sentiment in response to the slight gains in crude oil prices, offers in Turkey may have further room to move south, particularly for PP amid the approaching year-end and steep reductions in European monomer settlements."
Many players are now readying to take their places in 28th International İstanbul Plastics Industry Fair starting from Wednesday. They are also tracking the cautiously improved sentiment in China following trade truce with the US.
In the PP market, Saudi Arabian homo PP prices already broke below $1200/ton for raffia and $1250/ton for fibre, CIF Turkey, subject to 6.5% customs duty, cash early this week. Offers for December were quoted at $1170-1210/ton and $1200-1230/ton. Israeli PP fibre prices emerged lower on the month at $1280-1300/ton CIF, cash no duty.
Large scaled buyers, meanwhile, still expressed lower buy ideas at $1100-1120/ton for raffia and $1150-1160/ton for fibre, pointing to the current import PP offers in China and €100/ton ($113/ton) lower propylene contracts in Europe for December.
In the PE market, the intensified pressure of American cargos persisted as US prices hit $1000/ton for LDPE CIF Turkey, subject to 6.5% customs duty, cash. LLDPE c4 film and HDPE film hit below the thresholds of $950/ton and $1150/ton, respectively, to as low as at $930/ton and $1135/ton.
Middle Eastern producers, including a Saudi Arabian major, applied considerable monthly drops which brought the overall ranges to $1000-1050/ton for LDPE, $980-1050/ton for LLDPE and $1135-1160/ton for HDPE film, all CIF equivalent, subject to 6.5% customs duty, cash basis.
A global trader said, “We expect to receive a better clue about the future direction of the market during the fair. Although China’s local markets recently displayed a recovered sentiment in response to the slight gains in crude oil prices, offers in Turkey may have further room to move south, particularly for PP amid the approaching year-end and steep reductions in European monomer settlements."
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