PP, PE offers emerge for Sept in Turkey under shadow of fragile economy
Although initial PP announcements pointed to modest hikes from August, activity has been limited to inquiries, which has put a cap on sellers’ hike attempts so far. Meanwhile, trading for PE has been deemed to be weaker than PP, leading rollover requests from many suppliers for the new month.
A manufacturer commented, “Many PE converters are purchasing their raw materials on dollar basis but sell their end products on lira terms. That’s why, economic factors overshadowed supply-demand dynamics more visibly in the PE market than in PP, where some manufacturers are able to focus on exports more.”
In the PP market, sellers of Saudi Arabian and Indian origins issued increases of $20-30/ton on the month, citing the fact that PP prices were already trading at par with import levels in China. However, ongoing cash constraints, the high USD/Turkish lira parity and smooth supplies prevented firmer prices from turning into transactions.
A large scaled PP buyer highlighted, “Sellers are willing to sell on cash basis versus buyers’ attempts to obtain longer payment terms. This undermines trading activity further nowadays. The key point is not purchasing raw material but to be able to pay for it.”
Looking at PE, Middle Eastern sources adopted a steady pricing policy to Turkey in line with widespread expectations that were previously mentioned in ChemOrbis Plastics News Turkey’s PP, PE markets look for direction amid opposite factors. “We received flat offers from a Saudi Arabian major. But we are not planning to buy anything unless we confirm our end product orders,” reported a packager.
Overall, more Turkish players are complaining about reduced loans from banks, with a global trader opining, “We don’t expect polymer demand to heal until the banking system normalizes.”
Apart from the blurry economic scene, price trends in China’s PP and PE markets have not been supportive for Turkish sellers’ firmer stance recently. China’s import polyolefin markets have also been under pressure from the weakening local currencies against the USD amid growing trade concerns with the US. Plus, supply levels are increasing and demand is cautious in China.
Meanwhile, players are pointing to the possibility of dwindling supplies in Turkey for the medium term. This is because many traders in Turkey have been cautious with their stock replacement as they have not been confident about demand due to persisting currency risks.
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