1,500 tons of Turkmenbashi refinery’s polypropylene (PP) were sold in a single day of export trades at the State Commodity and Raw Materials Stock Exchange of Turkmenistan (SCRMET) with prices breaking another record, Independent Commodity Intelligence Services (ICIS) reported last Thursday with reference to the ICIS-MRC Price report.
According to the bidders, 1,500 tons of Turkmenbashi refinery’s PP raffia grade were put up for export sale at the SCRMET on March 10.
The starting price was set at $1,515/ton free on board/free carrier (FOB/FCA). The PP prices climbed during the trades to reach a record $1,775/ton FOB/FCA and the total volume of PP was sold in one day. The deals were made with terms of shipment within six months.
The previous export trades for Turkmenbashi refinery’s PP were held back on February 20, 2021, and only 1,000 tons of PP raffia grade were sold then at $1,515/ton FOB/FCA.
Turkmenistan’s export PP prices stood at $750/ton FOB/FCA in March 2020.
The global prices of oil, the main raw material for the PP production, rose on Monday, with the Brent crude reaching $70 a barrel at London ICE Futures Exchange. The Brent crude with May delivery currently trades at $68.48 per barrel. On March 16, 2020, the Brent crude contract prices stood at $40.15 per barrel.