Petkim slashes Turkey PE PP by around $100/t

28 August 2008 16:47  [Source: ICIS news]

LONDON (ICIS news)--Turkey’s polyolefins producer Petkim has slashed its polyethylene (PE) and polypropylene (PP) prices by around $100 tonne (€68/tonne) this week on poor demand, a company source said on Thursday.

“Buyers are reluctant to buy big quantities at the moment,” the source said. "They are waiting to see what happens."

Petkim revised most of its PE prices downward $100/tonne, with only low density PE (LDPE) remaining stable at $2,080-2,100/tonne CFR (cost and freight).

High density PE (HDPE) blowmoulding offers were down to $1,890/tonne CFR Turkey, HDPE film to $1,920/tonne CFR, and HDPE injection to $1,870/tonne CFR.

Offers from the Middle East were lower by up to $100/tonne in some cases but buyers were also waiting for these to fall in September. These were subject to a 3% duty.

Petkim’s new homopolymer PP price was at $1,880-1,910/tonne CFR. Middle Eastern offers and European offers were lower.

Offers of spot homopolymer raffia grades were heard from Europe at €1,210/tonne CFR Turkey, with no duty imposable. Middle Eastern offers were similar when duties were taken into account.

European converters were also cautious in the face of a worsening global economic situation and expectations of weaker fourth-quarter feedstock.

($1 = €0.68)

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By: Linda Naylor
+44 20 8652 3214

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