US PVC offers regain some lost ground in Turkey
Offers for PVC k67 were reported in the range of $840-860/ton on CFR Turkey, subject to 6.5% customs, up $20/ton on the low end from a week earlier. After hitting $820/ton CFR, US PVC offers did not go down further in late June and early July and the same level did not get repeated this week in line with the higher export offers out of the country.
“Asian cargos have lost their competitive power against US materials recently. We think that the persistent weakness in demand for the last two months may not last longer as buyers started to renew their re-export documents for September. We expect demand to improve in August,” said a trader.
Meanwhile, another trader reported receiving allocations from US suppliers smoothly despite production issues in the country. Players reported OxyChem and Axiall resumed their normal operations.
Regarding the antidumping duties for US origin, the new regulation reset the duty at 18.81% of the CIF value for American origins as of July 10, replacing the previous $45/ton duty. Even though Turkish converters import US PVC for re-export purposes, this would still mean an increase in the landed cost of US PVC for non-re-exporters.
In the previous format, if the $820/ton level was taken into account, the landed cost would be around $918/ton after adding the 6.5% duty and $45/ton antidumping duty. When the 18.81% duty is now added instead of $45/ton, the landed cost now corresponds to around $1040/ton.
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