As we head towards July, some prices were rising as buyers looked to stock up before we head to the summer holiday slowdown.
In the paper market, the recent trend of buying for the month seemed to benefit OCC, while plastic bottle grades were also on the up thanks demand and a small PRN/PERN increase.
The metal market saw brass grades come down in what was otherwise a stable market.
Foreign exchange wise, the pound was unchanged from last week against the dollar at $1.39 and €1.16 compared to the euro.
Strong demand and higher virgin polymer prices has helped boost the demand of bottle grades with both PET and HDPE values rising this week.
These were also aided by the increased in the PRN/PERN by around £15 per tonne to the £100 mark. There is a view that this was driven by fears that Turkey coming out of the market will make compliance harder, but some also thought it was others trying to set benchmark prices in a quieter market.
This PRN/PERN increase didn’t affect the film market though, with prices staying static on the whole. With Turkey no longer a destination, European buyers see an opportunity to lower prices, although they haven’t been too successful in doing that yet. Although with prices remaining the same, effectively with the PRN/PERN going up, the underlying value went down.
After a quiet few weeks, the paper market ramped up this week for July. Buyers were looking to secure tonnage for the month before the summer holiday slowdown, and sellers were happy to sell long at good prices.
It was South East Asian buyers who were dominant in the market taking OCC predominantly. This helped to push up the price of this grade by around £10 per tonne on last week, meaning it broke the £150 barrier again for most trades.
European buyers tended to be watching what was going on rather than stepping in, and this kept mixed at the same price as they have tended to buy more of this grade recently.
SOW and multi have also increased by around £5 per tonne.
Only brass changed value this week, losing £50 per tonne.
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For PRN/PERN prices, click here