US PE prices move down on weak appetite from export markets
American LLDPE goes below $1000 in China, Turkey
The tension with the US resulted in waning demand for this origin in China, while the depreciation of the Chinese yuan against the USD also curtailed buying appetite for imports. This week’s recovery in China’s local market failed to find a reflection on import PE, moreover.
American LLDPE c4 film offers already moved below the $1000/ton CFR China threshold by the middle of May. Following suit, buyers in Turkey confirmed receiving US LLDPE c4 film prices as low as $980/ton CFR this week. They said, “These cargos are offered for shipments in late June or even in July.”
A trader in Turkey opined, “US prices hardly competed with Middle Eastern producers during May as traders applied gradual hikes on American PE since the beginning of the year.” The narrower gap between Middle Eastern and US prices prompted buyers to meet their limited needs from nearby Middle Eastern sources in most cases.
Additionally, Turkish converters refrained from securing long distance PE cargos considering the tough economic environment and unpromising demand ahead of the Eid Holiday and the rerun of Istanbul elections next month.
Abundant supply pushes US PE down in Indonesia
A trader has cut its US PE prices to Indonesia by $20/ton for LDPE film and $80ton for LLDPE film when compared to two weeks ago. “Ample US PE supply is not the only bearish factor in Indonesia as the buying sentiment also remains weak,” he noted.
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