Turkish petrochemicals group Petkim has reduced its low density polyethylene prices this week by $20-30/mt to reflect easing demand in the Turkish polymer market, sources said Wednesday.
This brought Petkim's April list prices to $1,770-1,780/mt FCA Aliaga, sources added.
"Activity is very muted," a seller said, adding that sellers are looking to liquidate inventory buildup in the face of falling prices.
"Turkish polymer prices are higher than Asian ones which is adding to the pressure on prices," a second seller said.
LDPE prices were assessed at $1,425/mt CFR China Tuesday, while in Turkey offers were heard at $1,640-1,660/mt CFR Istanbul, subject to duty.
Prices for other polymers, including polypropylene and polyvinyl chloride, were unchanged, sources said.
Petkim wasn't immediately available for comment.
Despite the imposition of a additional 7% duty on Iranian LDPE in the country from April 5 for 200 days to make Petkim LDPE material more competitive, Iranian product is still heard being offered in the market.
One offer for Iranian product was heard at $1,620/mt CFR, subject to duty.
Driven by sluggish demand, Turkish LDPE was heard being offered in Europe at Eur1,350-1,370/mt ($1,766-1,782/mt) FD NWE.
