28 March 2011 21:44 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Offers for polyolefins and polyvinyl chloride (PVC) in Turkey surged to two-year highs as some sellers chose to hold on to their inventory in the past two weeks after Japan’s earthquake and tsunami, said an executive at trading firm Say Polymers on Monday.
Supply was unnecessarily tight and “buyers are hesitant to buy” at current prices, which may lead to a sudden reversal of the price trend, Say Polymers managing director Ali Murat Ayar said on the sidelines of the International Petrochemical Conference (IPC).
PVC offers were quoted at $1,200/tonne (€852/tonne) CFR (cost and freight) Istanbul, while polypropylene (PP) offers were at around $1,800/tonne CFR Istanbul and those for polyethylene (PE) stood at $1,650/tonne CFR Istanbul.
“This [price uptrend] might change quickly,” Ayar said.
“What we’re worried about is that most of the customers have enough inventory to last them two months,” he said, adding that if these buyers halted their purchases, prices could come crashing down.
Ayar said that what happened in ?xml:namespace>
But prices get good support on the demand side, particularly for PVC as
Hosted by the National Petrochemical & Refiners Association (NPRA), the IPC continues through Tuesday.
($1 = €0.71)
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