Turkish polyethylene prices Wednesday hit highs not seen since October 2008, driven by limited Middle East offers amid high Asian prices, sources said.
Low density polyethylene, linear low density polyethylene and high density polyethylene film were all assessed at $1,672.50/mt CFR Turkey Wednesday, gaining $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 $1,585/mt for LDPE, $1,540/mt for LLDPE and $1,590/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.
European PE prices also recorded gains this week, with LDPE prices up Eur15/mt ($20.9) on the week at Eur1,290-1,295/mt FD NWE. Sellers took a firmer stance, citing low stocks.
