US PVC offers absent in Turkey
PVC offers from the US have been mostly absent so far this week as traders widely report that export allocations from the US remain rather limited as a result of the shutdown at Westlake. “Our supplier is not willing to make offers due to its reduced production,” said a trader. Sell ideas for US PVC are largely pronounced at $800/ton CFR Turkey and above following a couple of deals reported as low as $745-750/ton in the pre-holiday period.
On the other hand, demand towards US PVC remains muted. “Our suppliers are not offering but buyers are not interested in offers from the US either,” commented another trader. This is mostly due to weaker export opportunities for Turkish converters for pipes and profiles.
Indeed, cumulative PVC imports in Turkey contracted by 14% year over year in the first 5 months of 2016, although Turkey’s overall polymer imports hit a record high in this period. The decrease in PVC imports from the US was much larger at 43% in the same timeframe in a yearly comparison.
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