Import PET prices drop below $1000/ton threshold in Turkey
This week, Chinese PET prices are down $40/ton on both ends to $970-980/ton CIF Turkey, subject to 6.5% customs duty and 6.75% additional duty, cash compared to the pre-holiday week. Origins subject to 3% customs duty are offered at $950-980/ton, CIF, subject to 6.75% additional duty, down $50-60/ton. Duty free South Korean PET is also priced $30/ton lower at $1020/ton CIF, subject to 6.75% additional duty.
A trader commented, “We see almost no import transactions. We are not optimistic for the near term considering bearish downstream developments.” Another trader lamented that buyers refrain from fresh purchases as the USD/TL parity is another question mark for them. “Based on import PET cargos available at $960-970/ton, which could come to $1100/ton on FD Turkey terms when localized, buyers may try to push for lower local levels,” some players argue. The domestic market retreated to $1140-1150/ton FD Turkey, cash not inc VAT amidst counter bids at $1120/ton.
More price drops are possible next week unless overall trade shows a considerable pick up or upstream markets start to support the PET market. Plus, spot PTA and MEG costs moved down in Asia over the week in response to weaker energy complex.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia
- PVC supplies tight, demand robust across Europe
- China’s local PP, PE markets snap nine-week rally
- Turnarounds keep PP supply tight in SE Asia
- European PP market sees step backs from initial July offers
- Focus turns to August in Turkey: PP and PE players sidelined amid blurry outlook
- SEA PE uptrend intact, yet increases capped by reduced demand
- Taiwanese major hikes Aug PVC offers to Asia as limited availability outweighs monsoon effect
- East African PP, PE markets on rise for July but deals still scarce