Egyptian GPPS shows up in Turkey
by ChemOrbis Editorial Team - content@chemorbis.com
Traders in Turkey reported that they received GPPS offers from an Egyptian producer after a long absence. This was right in line with the return of E-Styrenics to production in July after 7 months. Accordingly, the producer’s GPPS prices were at around $1360/ton CIF Turkey, subject to 11.3% anti-dumping duty, cash.
On the other hand, these prices did not see any buying interest from Turkish traders due to their ADD. A player confirmed, “We preferred not to evaluate this offer as it failed to offer a competitive option considering other origins.”
Non-dutiable South Korean GPPS cargos were last priced at $1420-1460/ton CIF Turkey, cash, while European GPPS was last dealt at €1250/ton ($1340/ton with recent parity) with the same terms.
The Egyptian PS producer had halted production due to maintenance in August 2016 while the company struggled with production issues since late 2016. The company, which could barely offer any prices to its local or export markets so far this year given its prolonged supply issues, resumed its offers by July.
Turkey’s Ministry of Economy enacted anti dumping duties on Egyptian PS as of January 14, 2016 under a statement for preventing unfair competition in imports. Under the new application, anti dumping rates on Egyptian PS with HS Code 3903.19.00.00.00 was set at 11.3% of the CIF value.
According to ChemOrbis Import Statistics, Turkey imported around 8900 tons of GPPS from Egypt in the whole 2015, putting the country into the top ten suppliers of Turkey. However, no imports of Egyptian GPPS were recorded during 2016 and so far in 2017 amidst fading competitive power of the origin and the halted export offers from the producer.
On the other hand, these prices did not see any buying interest from Turkish traders due to their ADD. A player confirmed, “We preferred not to evaluate this offer as it failed to offer a competitive option considering other origins.”
Non-dutiable South Korean GPPS cargos were last priced at $1420-1460/ton CIF Turkey, cash, while European GPPS was last dealt at €1250/ton ($1340/ton with recent parity) with the same terms.
The Egyptian PS producer had halted production due to maintenance in August 2016 while the company struggled with production issues since late 2016. The company, which could barely offer any prices to its local or export markets so far this year given its prolonged supply issues, resumed its offers by July.
Turkey’s Ministry of Economy enacted anti dumping duties on Egyptian PS as of January 14, 2016 under a statement for preventing unfair competition in imports. Under the new application, anti dumping rates on Egyptian PS with HS Code 3903.19.00.00.00 was set at 11.3% of the CIF value.
According to ChemOrbis Import Statistics, Turkey imported around 8900 tons of GPPS from Egypt in the whole 2015, putting the country into the top ten suppliers of Turkey. However, no imports of Egyptian GPPS were recorded during 2016 and so far in 2017 amidst fading competitive power of the origin and the halted export offers from the producer.
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