Türkiye’s PPH markets perform better than copolymers in February

PP prices recorded additional hikes in February, driven by tight Saudi Arabian supply amid shutdowns and heavy sales earlier. Supply constraints, combined with cost support, were reflected in both import and local homo-PP markets, pushing prices higher and fueling active buying interest. However, copolymers faced continued pressure from competitively-priced prompt materials and sluggish demand, limiting price increase attempts.

Reduced import quotas send homo-PP prices to fresh highs

This week, Saudi Arabian PP raffia prices neared $1100/ton CIF Türkiye on the high end while fibre flirted with $1150/ton for the same origin. Nonetheless, these fresh attempts were yet to turn into deals at the time of writing.

A trader reported, “We have already sold out our February PPH quotas while we expect to talk about prices for March shipments later this month. Prices may move up some more if demand stays regular and costs hold close to their current levels. Still, we will need to gauge the impact of the month of Ramadan next month.” Meanwhile, the seller’s latest transactions formed the low end of the overall Saudi Arabian PPH ranges.

PP copolymer follows suit, albeit to a lesser extent    

Türkiye’s PP copolymer market also extended its gains for the second consecutive month in February, led by higher offers from Saudi Arabian suppliers. However, hike attempts by South Korean suppliers faced resistance due to sluggish demand, keeping prices for this non-dutiable Far East Asian origin below the $1200/ton CIF mark in several cases. Additionally, relatively lower container costs from the region contributed to more moderate price increase targets as the month progressed, which even led to trimmed prices as the month wore on. Toward mid-February, the overall South Korean PPBC inj. range slid back to mid-January levels, as per ChemOrbis data.

More importantly, the prompt PPBC inj. market has continued to face competitively priced materials on the low end since the start of 2025, putting pressure on import activity. Multiple distributors complained, “We are still hearing some prices slightly below the cost of new import offers, which disrupts the market along with sufficient prompt availability. This, combined with weak derivative demand, is causing buyers to limit their purchases to basic needs.”


Local PPH-PPBC spread narrows steadily for 3 months

Reflecting the stronger performance of PPH over PP copolymer, the price gap between the two products has been steadily narrowing since mid-November. According to weekly average data from ChemOrbis, the premium of locally held PPBC inj. over PPH raffia has shrunk to $87/ton, down from its peak of $155/ton in early November 2024.

A similar picture was seen in the import market, where the premium of Saudi Arabian PPBC inj. over PP raffia was down from $130/ton to $50/ton in the same period on a weekly average.

In the short term, both homopolymer and copolymer markets will remain underpinned by high upstream costs and modest import availability. At the same time, the medium-term outlook will depend on resin demand ahead of the religious holiday in early April.