Turkish PET producers revise list prices up
Accordingly, the two domestic PET producers’ list prices were revised up to $1250-1280/ton, cash and $1300-1380/ton FD/ex-warehouse Turkey, 90 days, not inc VAT.
“PET prices are not likely to soften so long as ICE Brent crude oil futures stand close to the recent $70/bbl threshold. Some large buyers have started to come back to the market to source some material with the anticipation of further hikes. We started seeing improved demand from the US after the country imposed preliminary antidumping duties for certain Asian origins. We are almost sold out for January,” a source from a domestic producer commented.
Despite bullish factors supporting possible additional hikes, a different local producer remarked that hikes in question might not be welcomed immediately by the buyers’ side. Nonetheless, the producer source said, “We’re clearing our backlogs. Increases stem from supply concerns as well as firmer feedstock costs, which are likely to gain further ground. Therefore, buyers aim for securing their January-February cargoes in late December before the seasonal buoyancy starts.”
The firming trend in global PET markets kicked off earlier in October-November period while its reflection on Turkey’s local market took some time given the lack of demand.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Further price cuts in Vietnam’s PP market fail to revive demand
- Asian PS, ABS markets remain weak on rising trade tensions
- Spot styrene sharply down in Europe and Asia
- Expectations soften for PP raffia, fibre yet to follow in Turkey
- Will PE supplies from China flock to SEA?
- LDPE, LLDPE highest since Q3 2018; HDPE at 6-month high in Europe
- Intensifying trade war adds to bearishness in China’s local PP, PE markets
- PET prices hit multi-month lows in Asia and Europe
- Rising momentum fizzles out in European PS, ABS markets
- European PVC offers to Turkey shrug off higher costs