کد خبر 41192

Both buyers and sellers are focusing on post-holiday period, when suppliers expect sentiment to be firmer and demand to be improved

Highlights

•  Petkim’s total PP hike reaches $60 since May 23

•  Players start to leave desks before Eid holiday

•  Focal point is now post-holiday period

•  Demand expected to pick up 

•  Local ($/ton): Raffia 1740-1770 ex-warehouse

•  Import Saudi ($/ton): Raffia 1320-1340 | Fibre 1340-1360 CIF

General Outlook

In Turkey, PP sellers adopted a mostly firmer approach in their new PP offers as was anticipated earlier. Petkim applied a $30/ton PP hike as of June 1 on top of the previous week’s $30/ton hike. However, market response remained weak as the Eid al-Fitr holiday, which is due to start on June 14, has already started to push players out of the market

Overall ranges for Saudi Arabian PP were up by $10/ton at $1320-1340/ton for raffia and at $1340-1360/ton for fibre CIF Turkey, subject to 6.5% duty, cash. A seller claimed that demand is there, but buyers are placing lower bids. Iranian raffia was offered at $1330/ton while fibre remained at $1360-1380/ton CPT amidst the lack of active trading. Woes over supply disruptions from Iran given truckers’ strike, payment issues and re-imposed sanctions were reiterated this week as well. Meanwhile, overall PPBC and PPRC supplies were reported to be limited

Egyptian fibre was rolled over from May at $1440-1450/ton DAP, cash. South European fibre was offered €80/ton higher from last month at €1250/ton CIF in line with the hike in propylene settlement. However, buyers are confident that they will obtain discounts in return for serious bids. Korean raffia was higher on month at $1420-1440/ton while fibre with delivery in July was offered at $1450/ton CIF

In the local market, the overall raffia range was up by $10/ton at $1740-1770/ton FD/ex-warehouse, inc VAT on the week despite more visible hikes from Petkim. A player claimed that demand towards prompt material was weaker and sellers prefer doing back-to-back business

Unlike raffia, demand for fibre was stagnant as converters are exporting to the Arabic countries, in which working days are limited during Ramadan. According to ChemOrbis Index data, PP raffia-fibre gap narrowed to as low as $15/ton on average, which was last seen in early February. Data also reveal that Turkey’s import raffia market boosted its premium over China to $97/ton

Both buyers and sellers are focusing on post-holiday period, when suppliers expect sentiment to be firmer and demand to be improved. A converter, meanwhile, predicted that reduced production rates at manufacturers might help mitigating the impact of limited supplies. *Turkey Weekly Analyses will not be published on June 11-15 due to Eid-al-Fitr holiday

 

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