• Turkish market has remained quiet this week as players celebrated The Republic Day holiday in the country on 29 October. PE consumers worked half-day on 28 October;

• Buyers have been slow to close deals due to poor economy, low domestic and export demand for products made out of PE and the fact that most of them have been anticipating lower offers from overseas suppliers next month;

• International producers and traders have lowered prices for most PE grades by $10—25/t to boost demand without success. Film LDPE has held its value, although, more expensive offers have been heard in the market;

• US and Saudi Arabian material has been the most popular in the country this week. Players have showed little interest in South Korean PP due to increased freight rates from South Korea to Turkiye;

• USA-origin injection, blow-moulding and film HDPE has been up for sale at $930/t CIF Turkiye, $960—1,020/t CIF Turkiye and $950—1,000/t CIF Turkiye, respectively, this week. Film LDPE and C4-LLDPE of the same origin have been on offer at $1,150—1,180/t CIF Turkiye and $970—1,010/t CIF Turkiye;

• Turkish buyers have received offers of $975—990/t CIF Turkiye for Saudi Arabian film HDPE;

• Spanish LDPE by Repsol has been on offer at €1,120/t CIF Turkiye;

• Supply has been more than sufficient;

• During the Future Investment Initiative Conference in Saudi Arabia on 29 October, Mehmet Simsek, Finance and Treasury Minister of Turkiye, said that Turkish economy has yet to face growth issues while tackling inflation and inflationary pressures due to tight monetary policy. He added that the country has successfully navigated its macroeconomic challenges and pointed out that reserve of The Central Bank of Turkiye rose by $100 billion in a year and a half. The worst of inflation is behind, according to him;

• Turkish government has announced that it will implement new import duties for PE compounds and related products from non-World Trade Organization member countries. The legislation will come into force on 29 November. The regulation excludes PE compound of Azerbaijani origin.

Players expect that imported PE will get at least $20/t cheaper in H1 November in suppliers’ attempts to facilitate buying activity and sell out of its high stocks. Supply will remain ample until demand improves. Market players believe that new legislation will have a positive effect on the market as it will stop the influx of Iranian PE compounds that have been very competitive with virgin PE grades this year, especially HDPE ones, amid very cheap price.