Petrotahlil - Based on previously reported reasons PP is still experiencing a sharp plunge.
With the circumstances in India and plant shutdowns due to lack of labour which has led to decrease in imports, it seems that PP as a raw material which the country in one of its major buyers would have a different situation. Considering average PP prices in East Asia at 1250$ and the crisis in India, the commodity flow puts more pressure on Turkey and EU and we see bigger supply in these two markets. Last week we have already saw PP producers from Russian and Saudi Arabia giving more offers in Turkish market wich led to a 120$ decrease in PP prices.
Turkish end-users expect prices around 1200$ CFR which the new circumstances in India and East Asia has helped them with their expectations.