ICIS Reports First Week OF February 2021

ICIS Reports First Week OF February 2021

16/02/2021 Share
ICIS Reports First Week OF February 2021
 

ICIS Reports First Week OF February 2021

 

 

 Polypropylene (Turkey)

Turkish polypropylene (PP) prices are mostly up this week, following February offers from Middle East suppliers.

Demand is is largely stable from last week but the market has tightened slightly, as many Middle Eastern suppliers have not yet offered to the market.

Sellers from other regions have also cut their Turkish allocations, such as Russia, Egypt and Turkmenistan, meaning that there is limited availability for August.

 

 

 Polypropylene (Asia-Pacific)

Suppliers continue to sell to other regions for better values.

Discussions in Indonesia dampened by soft domestic prices.

Some traders in China and Vietnam take position before holidays.

 

Polyethylene (Europe)

Polyethylene (PE) buyers are reeling from hikes announced by some sellers for February, up to €250/tonne in more than one case.

Targets vary for the different grades and from different suppliers, but pressure is strong on all grades and spot supply in particular, is very tight.

Tightness comes from fewer imports on consistently low European prices dating from 2020, stronger exports, a tight upstream ethylene situation and better-than-expected demand particularly in the last months of 2020 which left stocks very low.

 

 

 

Polyethylene (Middle East)

 Middle Eastern PE prices have netted sharp gains, as robust demand in key export markets in the absence of availability from the US has resulted in regional suppliers diverting greater allocations there, cutting allocations elsewhere.

A need to restock amid the prevailing supply gap and improved uptake from the food packaging sector has brought forth GCC buyers to restock.

Offers to India remain limited, as Middle Eastern exporters enjoy higher netbacks in markets outside of Asia. Also, buying sentiment remains subdued on ample competitively-priced local availability for most grades.

Pakistan's importers who had previously put off purchasing citing a wide gap over China and weak demand there, returned to buy following the spike in demand and prices outside of Asia.

 

CFR GCC 

USD/tonne

+40

1430.00-1500.00

+80