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Import PET prices firm up in Turkey

by ChemOrbis Editorial Team -
  • 29/04/2016 (15:00)
Traders in Turkey report receiving higher PET offers this week, mainly driven by rising crude oil costs. Price gains in the market are in line with the market direction in China, where export prices moved slightly higher amidst improved seasonal demand. “The outlook remains firm in China on the back of increasing crude oil prices. Accordingly, import prices for several origins witnessed hikes this week in Turkey as well,” said a trader.

Import origins subject to 6.5% customs duty formed an overall range of $930-960/ton CFR Turkey, subject to 6.65% additional duty, cash. This ranges, which includes Chinese and Middle Eastern cargos, rose $30-40/ton week over week. Meanwhile, duty free Malaysian cargos were priced $30-35/ton above last week at $970/ton subject to 6.65% additional duty.

Upstream, NYMEX crude oil futures indicated an increase of more than $3/bbl over the week to move above the $45/bbl threshold. Spot PX prices on an FOB South Korea basis and spot PTA costs on a CFR China basis inched up week over week. MEG prices, meanwhile, were down $30/ton on a CFR China basis over the same period.
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