High offers for Asian PVC see resistance in buyers from Turkey

Under upward pressure from Asia, the Turkish market had seen a noticeable jump in Asian offers, with prices for February cargoes rising to US$1120/MT CFR Turkey at the end of January, as per Chemorbis. These hikes helped CFR Turkey prices to come into balance with the theoretical levels based on costs and February PVC offers to Asia before the recent increases in freight rates. Dutiable Asian cargoes failed to compete against other origins including non-dutiable European and Egyptian, which were available at much lower levels. Buyers showed almost no interest to higher Asian offers, forcing sellers in Asia to either concede some discounts or defer deals. As a result, traders offering Southeast Asian origins at US$1120/ton withdrew their offers last week, with the high end of the overall offer range for Asian origins coming down to US$1100/ton level. Despite the reduced prices, buyers’ disinterest continued over the past week. Due to lack of buying interest, more Asian sellers preferred to step out from the market, while a trader reported that they had to reduce their prices by US$30/ton this week to US$1070/ton CFR Turkey, subject to 3% customs duty, cash in an attempt to prompt some buying interest.
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