Turkish polyolefin producer Petkim has increased its prices for high density polyethylene (LDPE) by USD30 per tonne, ICIS reported.
Manufacturers who export PE to Turkey are expected to increase their bids in August as they continue to push for a rebound in profits.
The post-quarantine market recovery in Asia has slowed as resumption of coronavirus infections could spill over into price discussions next month.
Earlier it was reported that Petkim raised June prices for polypropylene (PP), low-density polyethylene (HDPE) and high-density polyethylene (LDPE) by USD30 per tonne.
According to MRC’s ScanPlast, in May the estimated consumption of LDPE in Russia fell to 45.49 thousand tons against 51.18 thousand tons a month earlier. Kazanorgsintez reduced polyethylene production due to a shutdown for scheduled repairs. In January – May, the estimated consumption of LDPE in the Russian Federation increased to 236.02 thousand tons, which is 3% more than a year earlier. Russian manufacturers have increased their output, and the import of LDPE has also increased.
Petkim Petrokimya Holding A.S. is a Turkish chemical company. The controlling stake in the company (51.39%) is owned by the State Oil Company of the Azerbaijan Republic (SOCAR). The rest of the shares are held by TURCAS. The company produces polymers (PE, PP, PVC, PA), detergents, packaging, etc.