Import PET prices erode further in Turkey
“The market is extremely weak. We offer material, but we don’t receive any inquiries as there is almost no buying interest at all,” complained traders.
Chinese PET prices were quoted $10-30/ton lower on the week at $1010-1020/ton CIF Turkey, subject to 6.5% customs duty and 6.75% additional duty, cash. South Korean PET was $50/ton lower from last week at $1050/ton CIF, subject to 6.75% additional duty, cash.
Origins subject to 3% customs duty were priced at $1000-1040/ton, CIF Turkey, subject to 6.75% additional duty, cash, down $20/ton on the low end.
According to ChemOrbis Price Wizard, import PET prices have declined by nearly $200/ton on average since the middle of May this year.
Source: ChemOrbis Price Wizard
The trend was in line with developments in China, where PET prices have been weighed down by slower than expected economic growth and ample supply.
Players are calling for additional decreases over the short term since PET demand is not likely to recover until after the holidays, according to players. The cost side, which witnessed drops driven by plunging crude oil prices earlier last week, is also supportive of further softening in prices.
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