Traders: European PVC offers limited in Turkey
The overall European PVC k67 range in Turkey was reported at $740-765/ton CFR, cash as of the end of last week while some players deemed the low end of the range to be no longer obtainable.
“The European PVC market offers a much better netback for regional suppliers and therefore, they are not rushing to allocate more exports to Turkey,” said a trader.
In Italy’s spot PVC market, European k67 was offered at €815-900/ton FD Italy cash while net k67 prices in West Europe for December Gentlemen’s Agreements were reported at €780-820/ton FD NWE, cash. When the low end of the ranges are taken into account and converted to dollars, they respectively correspond to $880/ton and $842/ton, indicating a price gap of more than $100/ton when compared to the low end of the European range in Turkey and therefore, affirming the comment about better netbacks in Europe.
In Turkey, European PVC offers continue to feel downward pressure from competitively-priced US cargoes, which softened again last week after talks about a possible firming. Demand also remains rather lethargic in the country with buyers largely being sidelined at the year-end.
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