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Chinese import PET prices move down in Turkey

by ChemOrbis Editorial Team -
  • 01/06/2015 (11:53)
Traders in Turkey report that Chinese PET prices lost ground over the week in tandem with the bearish trend in Asia. Falling production costs in the region were blamed as the main reason behind lower Chinese offers, which broke below the $1100/ton CIF Turkey threshold.

Accordingly, Chinese PET prices were reported at $1070-1080/ton CIF Turkey, subject to 6.5% customs duty and 6.75% anti-dumping duty, cash. The level retreated by $30-50/ton week over week.

“The import PET market lost ground week over week due to poor activity prior to the general elections in Turkey as well as lower production costs and comfortable supplies,” a trader opined. Players in Turkey do not expect to see any real pick up in trading activity in the last week prior to the elections.

Looking at upstream markets, spot PX prices were reported to be down by around $30/ton to $885/ton on an FOB South Korea basis over the past week. PTA costs declined $50/ton to stand at $690/ton, while MEG prices slipped $40/ton to $905/ton in the same period, both on a CFR China basis.
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