Turkey’s top import PP suppliers see significant declines in July
According to ChemOrbis Import Statistics, homo PP imports in July were down around 27.8% to around 94,610 tons compared with the previous month while they also fell about 7.1% from the same month of 2015.
The fall in homo PP imports impacted Turkey’s top suppliers including, Saudi Arabia, Egypt, Iran and India who faced significant declines in terms of export volumes to the country during July.
Saudi Arabia remained the top supplier as Turkey imported 29,730 tons of homo PP from the Middle Eastern country in July. The figure plunged by 75% from the previous month while indicated a fall of around 11% from July 2015.
Egypt remained as the second top homo-PP supplier with imports into Turkey standing at 12,712 tons, a drop of 62% month over month. The volume was up by 15% from July 2015, meanwhile.
Homo PP imports from Iran recorded a smaller decrease on a monthly basis in July, as Turkey imported 7779 tons of material from the country, down 2% from 7950 in June this year. On a year over year basis, the figure rose by 23%.
India ranked as the fourth top homo PP supplier when considering total imports for the first seven months of 2016. The country exported 9509 tons to Turkey in July. The figure was down 26% from 11,992 tons in the previous month while it was up by 10% year over year.
Lower import figures were not surprising considering the low buying appetite for PP products in the past couple of months. Players have been commenting that regular PP suppliers could divert their materials to other global markets given low netbacks in Turkey, in the meantime.
Sentiment has shifted for September since last week as demand has given signs of improvement heading to the Eid Holiday in September. Several players expect purchasing activity to revive more visibly once the holiday ends later in the month.
Not many September PP prices have emerged so far while sellers voice their slightly firmer price intentions for the new month. Buyers also confirm that they are not able to catch the previous low ends for PP raffia and fibre this week.
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