October PE offers emerge with increases in Turkey
A major Saudi Arabian producer announced new October PE prices above their last September levels. The producer’s new offers from a bonded warehouse indicate increases of $20-30/ton for LLDPE and HDPE film.
Another Middle Eastern producer also revealed its new PE offers with rollovers or slight increases of up to $20/ton for all PE grades when compared to the latest offers for September. Although a source from the producer expressed confidence in their new offer levels, buyers are not ready to accept them, with one converter saying that they find the new prices quite high.
A second buyer commented that higher offers have started to come earlier than they had expected. He commented, “Our business is not good and due to a globally slow economy, stronger dollar as well as the ongoing uncertainty in the country, Turkish players will face a bit troublesome period in the last quarter. We think that the market will start to feel the effects of upcoming elections in ten days, which may weigh down on demand.”
In the local market, Petkim also raised its PE prices by $5-10/ton for LDPE grades and $15-25/ton for HDPE grades as of the first day of October. The producer had been lowering its prices steadily in the past few months. According to some players, the producer’s recent hike attempt is a move aimed to strengthen the market sentiment. “We received many more calls after Petkim’s hike. It appears to have confirmed the end of the downturn,” said a distributor.
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