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.
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