Türkiye’s PVC market sees US gains fizzle out as October kicks off

October PVC offers started to emerge this week, with only minor adjustments in the duty-free segment, while the brief firmness in US cargoes quickly faded. A major producer in India trimmed its domestic offers, and ample inventories in the US added further pressure, weighing on sentiment. Still, in Türkiye—currently the cheapest PVC market worldwide—neither notable price drops nor upward movements were anticipated at this stage.

Sentiment for US PVC cools after brief uptick   

Türkiye’s PVC market opened October with an easing tone, particularly for US cargoes that had displayed stronger momentum just a week earlier. Buyers resisted attempts to lift sell ideas above $650/ton CIF, prompting traders to return to levels more in line with September. Several players noted, “Rising sell ideas were not seen as realistic, with some traders revising their offers back to September levels of around $630/ton this week.”

According to August data from ChemOrbis Stats Wizard, the USA remained Türkiye’s top supplier, increasing its share by 7% year on year to 28%. The removal of the extra 25% financial obligation on American cargoes in September boosted demand, prompting traders to raise their sell ideas despite the approaching year-end lull. A major trader noted, “Buying interest for duty-free K67 origins has been slower than for US-origin material in late Q3.”

For detailed figures on tonnage and more, visit ChemOrbis Stats Wizard.

Adequate US stock levels, along with a local price cut by a key Indian PVC producer, quickly dampened sentiment. Several players noted that bullish talk around US PVC was “short-lived,” as resistance in Türkiye made firmer pricing unsustainable. This echoed reports from neighboring Egypt, where players said, “The brief firmness previously seen from US sellers has quickly faded, pressured by weakening global demand and declining production costs.”

Duty-free K67 market sees rollovers to slight discounts

In the duty-free segment, PVC K67 prices were assessed $10/ton lower from the previous week, at $750–770/ton CIF. Discounts on select European and South Korean cargoes became more apparent, although the decreases were moderate.

A European supplier’s agent explained, “We aim to achieve rollovers in line with October ethylene settlements and some regional turnarounds. Still, customers’ lower counter bids are challenging to resist.” With Türkiye already positioned as the world’s cheapest PVC market, suppliers face pressure to balance rollovers with demand realities.

Trade barriers lead to divergent approaches from S. Korean PVC makers   

As October kicked off, Far East Asian pricings followed various policies amid a potential shift in material flow related to global trade barriers. A South Korean producer—exempt from anti-dumping duties in India—suspended its offers to Türkiye since last month, prioritizing alternative markets with better margins. By contrast, a different major South Korean supplier displayed a more flexible stance, granting moderate concessions to maintain sales momentum, with K67 offers heard at $750/ton CIF Türkiye, forming the low end of the non-dutiable market.

A buyer noted, “We placed a lower bid and expect to hear back after the holiday.” Both China and South Korea were on break due to National Day festivities, which also muted trade activity at the beginning of the month.

Market remains in flux amid gloomy derivatives, poor margins   

Looking ahead, the near-term outlook for Türkiye’s PVC market remains tilted toward stability rather than any sharp moves in either direction. Demand for duty-free origins has slowed compared with US cargoes, while sellers complain about razor-thin margins, and the seasonal lull in profile and infrastructure applications continues to cap consumption.

Moreover, most Turkish converters had already secured their resin requirements in September, which may limit activity in the spot market. A large trader summarized the sentiment by stating, “Buying interest is cautious, and prices are unlikely to change dramatically for now.” Attention will now turn to the Indian market, where post-monsoon demand may help shape sentiment across the region, though spillover to Türkiye remains uncertain.