Turkish plastics processors intend to deal with the sharp increase in raw material prices and will refuse to buy it from April 1, 2021, the Turkish Plastics Industry Foundation (PAGEV) Polymer Association of Turkey said in a statement.
Plastics processors in China also announced a similar action. PAGEV and China’s Processing and Machine Manufacturing Associations (CPPIA) and CPMIA (China’s Processing and Machine Manufacturing Associations) have reached an agreement on action in the polymer market, which includes a moratorium on the purchase of foreign raw materials.
Turkish media quotes PAGEV President Yavuz Eroglu: “We will not buy polymers until stocks of raw materials have dropped to a critical level. price reduction”.
Earlier in February, the PAGEV association decided to boycott foreign supplies of raw materials. At the same time, it was proposed to temporarily abolish the import duty on the import of polymers into the country and prohibit local producers, namely the Petkim concern, from selling polymers for export.
Sharp price hikes and shortages of polymers, logistics problems have caused many problems for plastics processors around the world. “The loss of price stability has become a major concern and complaint for all of our industry companies,” Eroglu said during a recent PAGEV board meeting.