Turkish polypropylene falls further ahead of key constitutional referendum

Chemical News: Turkish polypropylene falls further ahead of key constitutional referendum

https://www.chemnet.com Mar 31,2017 Platts
Turkish polypropylene spot prices have fallen for the fourth consecutive week as buying appetite has faltered ahead of the country's April 16 constitutional referendum, sources said this week.

Prices were assessed Wednesday at $1,212/mt CFR Turkey, down $6/mt on the week.

One source said the uncertainty surrounding the referendum was the main problem with demand, with no one willing to book cargoes before the result is announced.

The uncertainty comes in a year in which the Turkish lira has already dropped to record lows on political issues.

The referendum is about replacing Turkey's parliamentary system with an executive presidency, among other moves.

Polymer supply is expected to remain relatively tight, with PP supplies from Borouge in Ruwais, UAE expected to be under nameplate capacity for about six months, CEO Mark Garrett said in February.
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