Turkey’s import PP, PE markets rise notably for March
Supply from Iran will not improve given the nearing Newroz Holiday, players concurred, while Saudi Arabian suppliers are offering limited quotas as well. South Korean cargos have also been quite restricted for PE grades amidst reduced output from producers.
In the PP market, Middle Eastern raffia prices were pegged at $950-980/ton CIF Turkey, subject to 6.5% customs duty, cash, up $30-60/ton on the week. A Saudi Arabian producer stated, “We already sold out our limited March quotas at $950/ton.” Middle Eastern PP fibre cargos were priced $40/ton higher on both ends at $970-1000/ton with the same terms. Meanwhile, duty-free Egyptian fibre rose to $1090-1100/ton DAP for the new month.
Turkmenian raffia showed up at $920-950/ton CPT Turkey, subject to 6.5% customs duty, cash late last week before prices soared to $980-1000/ton this week. Iranian PP fibre was given at $1000-1025/ton CPT with players confirming higher offers at $1040/ton for prompt materials.
In the PE market, a Saudi Arabian major approached the market for its limited LLDPE and HDPE film quotas with a monthly hike request of $100-120/ton while other suppliers’ gradual hike targets range from $50-90/ton when compared to the deals concluded last month.
The overall Mid-Eastern range was reported $10-20/ton higher on the week at $1110-1140/ton for LDPE, $20-30/ton higher at $1100-1120/ton for LLDPE and $20-40/ton higher at $1090-1100/ton for HDPE film, CIF Turkey, subject to 6.5% customs duty, cash. Saudi Arabian deals for prompt materials on FCA Turkey basis were reported at $1190/ton for LLDPE and $1170/ton for HDPE film.
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