Turkish polymer producer Petkim, whose controlling shareholder is Azerbaijan’s SOCAR, raised the prices of polypropylene (PP) and some injection molded low-density polyethylene (HDPE), ICIS reported citing sources in the company.

So, the company raised PP prices by USD30 per ton, while quotes of low-pressure polyethylene injection (HDPE) rose by USD20 per ton.

The company raised prices in response to an improvement in the domestic market, but primarily because of the limited availability of these polymers, according to the source. This is probably due to the reduction in the volume of imports. Foreign suppliers preferred to supply to other markets that provide the best prices in recent months.

Petkim raised prices for the first time since early October. The company during this time, several times lowered prices because of stagnation in demand.

According to the Price Review of ICIS-MRC, last week negotiations on the December contract prices of Russian polypropylene started. Following the increase in spot prices, manufacturers announced an increase in contract prices for polypropylene. The increase in prices from individual manufacturers reached 3500 rubles. per ton. At the spot, buying activity this week was low, most of the processors had already closed their PP requirements and took a break until December. At the end of the week, the price of polypropylene was fixed.

Petkim Petrokimya Holding A.S. – Turkish chemical company. The owner of a controlling stake in the company (51.39%) is the State Oil Company of the Republic of Azerbaijan (SOCAR). The remaining shares belong to the company TURCAS. The company carries out the production of polymers (PE, PP, PVC, PA), detergents, packaging, etc.