Turkey’s local PET market edges down further despite season
by ChemOrbis Editorial Team - content@chemorbis.com
In Turkey, the local PET market softened further after seeing highs not seen in almost 20 months. Additional discounts were the result of softening sentiment in Asia as well as buyers’ preference to be sidelined although the high season for the PET bottle industry is traditionally set to start by the second half of March or early April. According to ChemOrbis Price Wizard, local PET bottle prices started to retreat by mid-February to be currently standing at $1170/ton on ex-warehouse Turkey basis, on a weekly average.
A domestic producer who kept its notional prices flat at the previous week’s levels stated that PET prices are softening although supply is not that ample. “The $1200/ton level is not found workable under current circumstances as buyers are sidelined to decide on their next move amidst uncertainty with falling prices in China on one hand and the bullish trend in the European market on the other hand,” said a producer source.
A different producer admitted to have concluded some deals below their list prices amidst slow market conditions. A source from the producer said, “Our prices are stable on the week but our done deal levels edged slightly down by $5-10/ton from the previous week as buyers are holding their purchases.”
According to many players, further softening is on the horizon; however, no drastic falls are awaited ahead of the peak season for PET.
A domestic producer who kept its notional prices flat at the previous week’s levels stated that PET prices are softening although supply is not that ample. “The $1200/ton level is not found workable under current circumstances as buyers are sidelined to decide on their next move amidst uncertainty with falling prices in China on one hand and the bullish trend in the European market on the other hand,” said a producer source.
A different producer admitted to have concluded some deals below their list prices amidst slow market conditions. A source from the producer said, “Our prices are stable on the week but our done deal levels edged slightly down by $5-10/ton from the previous week as buyers are holding their purchases.”
According to many players, further softening is on the horizon; however, no drastic falls are awaited ahead of the peak season for PET.
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