Turkey’s import PP market carries 5-month high premium over China
Recently, both PP raffia and fibre offers have recorded more visible discounts as the sentiment turned more bearish in the wake of falling prices in China and the widespread year-end lull. In this context, the premium over import PP raffia prices in Turkey over China increased to around $65/ton as of the middle of this week, the largest level since June 2018.
Import raffia offers on a CFR Turkey basis were down by around $55/ton since the beginning of October, according to the weekly average data from ChemOrbis Price Index. However, prices in China plunged by $110/ton in the period, data revealed.
Saudi Arabian homo-PP raffia offers have been confirmed $10/ton lower on the week at $1210-1220/ton CFR Turkey, subject to 6.5% customs duty, cash so far. Some players reported hearing prices below the $1200/ton threshold although this was not widely confirmed at the time of press.
Meanwhile, Saudi homo-PP prices dropped to $1130-1140/ton CFR China, subject to 6.5% duty, cash, leading expectations among buyers that offers in Turkey might see additional cuts in the coming days.
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