Import PET prices edge down in Turkey
by ChemOrbis Editorial Team - content@chemorbis.com
In Turkey, players reported softer PET prices from Far East Asian countries this week since export prices out of East Asia moved south amidst weaker crude oil prices and muted activity. Chinese PET prices were pegged $15-20/ton below last week at $1010-1035/ton CIF Turkey, subject to 6.5% customs duty and 6.75% additional duty, cash. South Korean cargos were reported to be at $1040-1050/ton CIF Turkey, subject to 6.75% additional duty, cash, down $20-40/ton from the first week of March.
“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.
“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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