Chinese PET breaks below $1000/ton threshold in Turkey
PET prices broke below the $1000/ton threshold for Chinese origins with offers given between $960-1030/ton CIF Turkey, subject to 6.5% customs duty and 6.75% additional duty, cash. The range declined $70/ton on the low end while the high end lost $10/ton week over week.
Regarding other import origins, South Korean PET was quoted at $1030-1040/ton CIF, subject to 6.75% additional duty, cash, down $40-50/ton. Pakistan PET fell by $40/ton on both ends to $1000-1030/ton CIF, subject to 3.5% customs duty and 6.75% additional duty, cash.
Source: ChemOrbis Price Wizard
As import PET prices dipped to the lowest levels seen for the past five and a half years in Turkey, according to ChemOrbis Price Wizard, domestic producers had to apply additional price cuts to their list prices. “We heard very low import offers, which forced us to try to be more competitive in the market,” a source from a domestic producer said. The domestic market broke below the $1150/ton ex-warehouse Turkey, cash not inc VAT threshold with prices reaching the lowest levels seen in more than five years.
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