Turkish injection-grade high density polyethylene spot prices have collapsed to an eight-year low on extreme length in the market, sources said.
Turkish prices were assessed on Wednesday at $1,078/mt CFR Turkey, down $27/mt on the week.
The price drop was driven by competitive offers from Europe, on lackluster European demand. Part of the reason for this lackluster demand was market participants awaiting further developments for the July ethylene CP.
"This week no transactions [took place], July prices are the focus," said one trader, adding: "The expectations are a decrease in July. I think people are in a holding pattern."
One source said that a majority of the petrochemical market still remained away after the Eid al-Fitr holiday and demand was not expected to pick up until next week.
