Turkey currency volatility – Lira collapse and the impact on the chemical and energy markets

On 13 August, the Turkish lira plunged to a record low against the US dollar amid concerns over the health of the economy and renewed tensions with the US. The lira lost around 40 percent of its value as compared to January 2018, causing buyers in Turkey to take bearish positions due to more expensive US dollar imports.

The Turkish government said it will take steps to prop up the lira but the forex market remains volatile for now. Producers in Europe, Middle East and Asia are closely watching this unprecedented crisis in Turkey, a key market for polymers and petrochemicals.

ICIS has unlocked the following news stories which give you access to an extensive coverage of Turkey's falling currency and the effect it will have on the polymers market. It will continue to follow this developing story.

Weak Turkey adds woes to Europe PE market as China tariffs come into effect
23 August 2018

APIC '18: Weaker PTA Turkey import demand, depreciating currency
21 August 2018

PODCAST: Turkish lira steadies but uncertainty takes its toll
20 August 2018

Turkey’s Petkim stands to gain from depreciated lira - bank
17 August 2018

INSIGHT: Turkey currency crisis heightens risk for global petrochemicals
16 August 2018

African polymers buyers set to benefit from Turkish lira crash
16 August 2018

ICIS VIEW: Turkish lira crisis spells new concerns for energy sector
15 August 2018

Polymers players shrug off Turkish lira, fears of capital controls rise
15 August 2018

Turkey polymers players' pessimism grows as lira collapses to record lows
13 August 2018

Turkish lira tumble triggers electricity curtailment fears
13 August 2018

More news on the falling currency in Turkey

For the latest analysis and the developments on the falling currency in Turkey, ensure that you subscribe to ICIS news to access our full range of content including the (blogs and news) below:

Europe PVC export prices fall on Turkey currency volatility
13 August 2018

Turkey polymer players wait for government response to tumbling lira
10 August 2018

Turkish lira record falls cause large losses for gas-fired generators
8 August 2018

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Turkey currency volatility

ICIS editor Jonathan Lopez, reports on how the energy and petrochemicals sectors in Turkey have been touched by a crisis as the currency entered a downward spiral as the US and Turkey initiated a trade war, with both countries imposing punitive tariffs on each other.

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Turkish Energy Hub Daily

This ICIS report offers a complete view and focus on the Turkish energy markets and provides:

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Latest Turkey petrochemicals news

Turkish PE, PP business levels at lows as weak economy takes toll

LONDON (ICIS)--Higher interest rates have become another challenge for players in the Turkish polyethylene (PE) and polypropylene (PP) markets,... Fri, 21 Sep 2018

Risks intensify in global economic outlook

Risks from US trade disputes and other factors are intensifying, dampening the global economic outlook even as overall growth is expected to... Thu, 13 Sep 2018

China tariffs to cause major disruption to global PE markets

China’s 25% import tariffs on all grades of US high-density polyethylene (HDPE) and 93% of the grades of linear low density PE (LLDPE), which came... Thu, 30 Aug 2018

South Asia PP market bullish on China gains, tighter supply

SINGAPORE (ICIS)--South Asia’s polypropylene (PP) market remains bullish, propped up by recent recovery in China’s import prices and limited spot... Wed, 29 Aug 2018

Europe top stories: weekly summary

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 26 August. Germany's VCI urges chems to prepare for ‘hard... Mon, 27 Aug 2018

Weak Turkey adds woes to Europe PE market as China tariffs come into effect

LONDON (ICIS)--The ailing Turkish polyethylene (PE) market is leading to concerns over fresh imports into Europe as China's 25% tariffs on US product... Thu, 23 Aug 2018

APIC '18: Weaker PTA Turkey import demand, depreciating currency

KUALA LUMPUR (ICIS)--The depreciating Turkish lira against the US dollar is hampering imports of purified terephthalic acid (PTA), market sources... Tue, 21 Aug 2018

Europe top stories: weekly summary

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 17 August. Chemicals industry capex remains muted - UBS Global... Mon, 20 Aug 2018

Turkey currency crisis heightens risk for global petrochemicals

Beware of currency crises. They could well be isolated events and contained in their local markets. However, they can be indicative of economic... Thu, 16 Aug 2018

Polymers players switch out of Turkey's lira

The Turkish lira has recovered ground as of 15 August from last week’s historic lows but some petrochemical players trading with the country are... Thu, 16 Aug 2018