PP sellers report slightly better buying interest in Turkey
In the local market, distributors noted that buying interest slightly picked up amidst increased inquiries particularly for homo PP. “We issued $25/ton higher prices for our locally-held PP raffia and injection offers compared to last week. We expect to hear firmer price requests from PP sellers in the second half of July once Ramadan holiday ends,” a trader said.
A second seller also argued, “PP prices in China gained ground recently which boosted expectations for a shift in Turkey for next month. Prices are set to move up next month.” Another trader who voiced $10-20/ton higher sell ideas for Iranian PP raffia and fibre compared to his last June deals also agreed, “Sellers seem to be stocking nowadays as they hope to sell their materials with some premium after holiday. Plus, we hear that a couple of regular suppliers from Saudi Arabia and Iran are not that eager to offer large amounts to Turkey in the coming days until they can obtain better netbacks here.”
On the other hand, converters continue to hesitate about their purchasing activity and do not hurry to secure material as they question whether the improved sentiment will be long lasting or not. However, they do not exclude the possibility of a demand pick-up next month considering delayed purchasing activities with some of them placing more inquiries compared to earlier in June.
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