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Modest supply sends PVC prices to almost 5-month highs in Türkiye

by Merve Madakbaşı -
  • 02/02/2024 (02:14)
Import PVC market opened February on a firmer footing as the lingering logistic mishaps related to the Red Sea disruption led to higher shipping costs and helped resin sellers renew confidence regardless of calm derivative markets. Providing an upper hand to suppliers were also reduced ex-USG volumes and slight price gains in most Asian outlets prior to the CNY holiday.

According to the weekly average data from ChemOrbis, import PVC K67 markets have reached their highest levels since September 2023.

CIF Türkiye – PVC K67 – Import Prices

Limited supply paves way for higher American offers

The dutiable PVC K67 range was assessed $20-30/ton higher from last week at $810-830/ton CIF, subject to applicable duties. The range was formed by new American offers, for which prices moved above the $800/ton mark, triggered by reduced availability from certain producers. This was in line with a limited number of offers in Egypt and Asia for this origin.

Some deals were also confirmed at or close to the low ends, albeit by traders. Meanwhile, buyers reported hearing higher sell ideas as high as $850/ton CIF from their suppliers, adding that they would try to obtain some discounts before conceding to a transaction.

European K67 touches $900 CIF on modest export volumes

The duty-free K67 range increased by $30-50/ton from last week to be assessed at $860-900/ton CIF Türkiye, cash. Egyptian cargos for late February/March shipments indicated further price gains from last January transactions after some deals were concluded at $850/ton earlier this week.

European producers approached the market with monthly increases of up to $80/ton with prices at $880-900/ton CIF. “European PVC markets remained under the strain of muted demand despite reduced import availability. Thus, sellers failed to lift their prices in their own markets and instead issued price hikes in their export destinations,” a converter opined.

Export prices from Europe rose in line with the global supply chain disruptions affecting Mediterranean, Turkish and Asian markets. Still, these prices were mostly at par with the low end of the spot ranges in the bloc’s local markets. This explains suppliers’ being less motivated to export their cargos unless prices see more visible gains in other outlets, including Türkiye.

Demand perks up to some extent due to bullish trend

Some PVC consumers seem willing to replace some stocks now that supply dynamics and rising costs have lifted the market to multi-month highs. “The previous low ends are fading while we may consider buying some resin in the days to come,” said a manufacturer.

A lack of competitive prices from Far East Asia amid soaring shipping costs and the holiday lull, coupled with scarce cargos from nearby Egypt, keeps the near-term outlook strong on the sellers’ side. In the meantime, the market may see a “tug of war” between sellers and buyers as consumers plan to negotiate with their suppliers to pay smaller hikes.

“Sellers have been complaining about their poor margins for a long time now, while they will probably maintain their bullish stance to recoup their previous losses. Buyers may be convinced to replace some stocks to hedge against larger hikes. Still, we believe that muted downstream demand may keep increases in check,” a player said.
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