The spot price of Turkish low density polyethylene on Wednesday fell to its lowest level since September due to ample supply from the Middle East, sources said this week.
S&P Global Platts assessed the price at $1,244/mt CFR Turkey Wednesday, down $46/mt week on week.
Offers from the Middle East and Iran have fallen below $1,200/mt after Petkim reduced its LDPE and HDPE injection and blowmolding list prices last week, one source said.
Petkim reduced LDPE prices by $20/mt to $1,550-$1,570/mt, and HDPE prices by $20/mt to $1,370/mt and $1,365/mt for injection and blowmolding respectively.
Petkim was not immediately available for comment.
Supply in Iran is expected to remain solid, with petrochemical plants in the country expected to produce 58.9 million mt in the current year, up 3% year on year, official news agency Shana reported previously.
