Turkish petrochemicals group Petkim has reduced polypropylene and polyvinyl chloride prices by $20-25/mt this week on the back of weakening demand, a company source said Tuesday.
List prices for polypropylene were lowered by $25/mt to $1,650-1,660/mt FCA Aliaga, and for PVC by $20/mt to $1,140-1,170/mt.
Polyethylene prices were unchanged.
Demand slowed further this week ahead of the week-long Eid-al-Adha holiday that starts later this week, traders said, adding that most polymer buyers have retreated from the market to wait for expected lower offers for November.
"Demand is very weak and supply is ample. The seasonal [year-end] slowdown, coupled with the holiday period and the shortage of liquidity, are the prevailing factors [affecting the market]," a trader said.
A trader said some "aggressive" offers from Europe emerged this week, heard at around $1,540-1,550/mt CFR for fiber grade. Another trader said he heard some European products offered at "low $1,500s/mt" but this could not be corroborated in the rest of the market.
PVC trading activity meanwhile was reported thin, with sources reporting no bids. Offers were heard around $1,000-1,020/mt CFR for European origin K67, while K58 and K70 grades were heard offered $20/mt higher on average.
American resin was heard at around $940-960/mt before 6.5% duty and $45 antidumping.
