LATEST NEWS: Saudi Arabian PP raffia breaks below $900 CFR in Turkey

Turkey’s import PP market continue to move south as new April offers started to emerge with a new series of drops. Players already expected price cuts in the wake of dramatic declines in oil and propylene prices worldwide as well as the impact of COVID-19 outbreak on certain end product markets in Turkey.

Accordingly, Saudi Arabian homo-PP raffia prices have broken below the $900/ton CFR Turkey, subject to 6.5% customs duty, cash threshold in a few cases. Some players confirmed offers at $860-870/ton with the same terms.

The weekly average data from ChemOrbis reveal that Saudi PP raffia prices had last moved below $900 CFR in February 2016, meanwhile. Based on the prevailing homo-PP raffia and injection range in China, prices in Turkey may have some further room to go down, as can be seen from the ChemOrbis Product Snapshot below.

April propylene contracts settle in Europe

According to market sources in Europe, April propylene contract has settled in Europe. The settlement indicated €175/ton ($192/ton) drops from March at €650/ton ($712/ton with the recent parity) FD NWE.

According to ChemOrbis Price Wizard, spot propylene prices were last reported at around €620/ton ($680/ton) FD NWE, down by around €185/ton ($203/ton) from early March.

Source : ChemOrbis