Import PET prices edge down in Turkey
“We slightly lowered our import offers. Meanwhile, there were no Middle Eastern or Pakistani prices heard this week,” said a trader. Weaker crude oil markets pushed Asian PET markets down despite the upcoming high season, which caused players to question the direction of the market for the near term. “The local market remains firm so far, but lower import prices may exert pressure on domestic materials so long as upstream costs remain soft,” a few buyers argued.
In upstream news, spot PTA prices softened $10/ton on the week but held stable from early March on a CFR China basis. Some market sources comment that ample PTA supplies may exert pressure on prices for this product. MEG costs with the same terms gained $10/ton on the week but remained $30/ton below early month levels. Meanwhile, spot PX prices were down $25/ton week over week and $60/ton from the beginning of March on an FOB South Korea basis.
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