Turkish polyethylene prices reach highest levels since October 2008

09-May-14

Turkish polyethylene prices have peaked to high levels not seen since October 2008, driven by limited Middle East offers amid high Asian prices, sources said in Platts. Low density polyethylene, linear low density polyethylene and high density polyethylene film were all assessed at US$1,672.50/mt CFR Turkey Wednesday, gaining US$20-35/mt on the week. "The upward pressure is countered with low demand," one Turkish source said, noting that despite hesitancy there was a slight uptick in demand. The CFR Far East Asia marker was stable to marginally higher on the week at US$1585/mt for LDPE, US$1540/mt for LLDPE and US$1590/mt for HDPE film. Adding to the tightness in the Turkish market was the absence of European product in a backdrop of a strengthening euro against the dollar, which made European exports prohibitive. The euro closed at $1.3931 Tuesday, a near two-month high.