Turkey’s locally-held PVC market breaks below new threshold
PVC k67 prices broke below the $1100/ton threshold on the low end late last week. The prevailing range is pegged between $1070-1120/ton ex-warehouse Turkey equivalent, cash inc VAT these days. This range suggests a weekly drop of $15-20/ton. PVC k70 offers also moved down to as low as $1130-1160/ton with the same terms, $20-40/ton below the levels of two weeks ago.
A pipe manufacturer commented, “PVC demand is persistently sluggish in Turkey. We hear even lower levels from the market as some big sellers are trying to deplete their stocks. We expect to receive lower offers in the coming weeks amidst sufficient availability. Hence, we are limiting our purchases to our urgent needs for now.”
“Although sellers in Turkey tried to keep the market flat despite all the bearish factors including softer European PVC market and unsupportive upstream chain, prices are decreasing albeit for modest amounts. For the near term, we think that the market will continue to witness small reductions. Demand, however, is not likely to improve significantly as players have been so cautious since the military coup attempt in mid-July,” a profile maker similarly argued.
Traders are not that optimistic for the short term while they do not expect a major improvement in their business any time soon. “We are not able to sell European k67 even at the low end of the market while prices from the region may move down some further,” a seller mentioned. Another one noted, “Lack of demand highly dominates the sentiment nowadays for PVC.”
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