Turkey’s local PE markets soften on supply-demand dynamics
The overall PE ranges softened by $20-40/ton week over week. They were quoted at $1680-1750/ton for LDPE, $1510-1560/ton for LLDPE, $1480-1550/ton for HDPE film and $1470-1540/ton for HDPE blow moulding, ex-warehouse Turkey, cash inc VAT.
Source: ChemOrbis Price Index
Slowing activity was attributed to the approaching referendum in Turkey in April and falling PE prices in China, both of which execerbated buyers’ waiting mood after they procured their requirements earlier in March. “April may be a month of rollovers or modest drops as no one is without stock right now. The sentiment for PE has shifted as buyers stepped out of the market but we still do not expect drastic falls over the near term,” a manufacturer stated. According to a trader, PE prices may lose $25-30/ton next month.
Local supplies are deemed as comfortable with players describing some HDPE grades including film and blow moulding as ample. No PE supply concerns are voiced among buyers despite the approaching Newroz Holiday which already disrupted new truck shipments from Iran to Turkey.
Meanwhile, several manufacturers reported receiving locally-held Iranian HDPE and LLDPE offers from Petkim during the week. These prices stood at or close to the low ends of the overall ranges.
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