Turkish petrochemicals group Petkim has reduced list prices for polyethylene, polypropylene and polyvinyl chloride by US$25-35/mt this week on the back of falling demand and feedstock cost, as per Platts.
Prices for low density PE were lowered by US$25-35/mt to US$1690-1710/mt FCA Aliaga. High density PE reduced by US$25/mt to US$1650-1710/mt. Polypropylene prices were reduced by US$35/mt to US$1615-1625/mt, and for PVC they were cut by US$30/mt to US$1110-1140/mt.
This was awidely anticipated move by the market, sources said, particularly following the €15-20/mt (US$19.50-26/mt) drop in November contract prices for ethylene and propylene in Europe early this week.
"Turkey is in bad shape, reflecting what's happening in Europe. There's not much buying activity going on. Stocks are increasing," a trader said. Cautious sentiment persisted, while overall trading activity was scant this week as industry players just returned from the Eid holidays, traders said.
On Tuesday, the November contract prices for ethylene and propylene in Europe were settled at € 1275/mt and € 1120/mt FD NWE, down €15/mt and €20/mt from October, respectively.
The reduction was broadly in line with the modest movement in feedstock naphtha price. Naphtha so far averaged at €736/mt (US$955/mt) CIF NWE in October, down from September's €751/mt, Platts data showed. It closed at US$943.25/mt on Wednesday, up from US$939.75/mt Tuesday and from US$925.50/mt a week earlier.
November demand outlook remained bearish, sources said, with many producers and consumers in the downstream markets preparing to scale down output and bring down inventories to the minimum levels.
02-Nov-12 
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