SupplyThursday, 25 June 2026·India
Bearish Pressure Intensifies in Turkey PVC Market Ahead of July
Turkey’s PVC market continued to weaken as June drew to a close, with poor demand, abundant supply, and declining feedstock costs keeping buyers firmly in control. Despite higher freight rates from China, the market failed to find support as the ongoing removal of conflict-related premiums and cautious purchasing activity continued to weigh on sentiment.
Both imported and local PVC prices remained on a downward trend, with market participants expecting additional corrections in July if demand fails to improve.
The market has already given back a large portion of the gains recorded during the earlier conflict-driven rally. Compared with late-March highs, dutiable PVC K67 prices have fallen by approximately $320/ton (29%), while duty-free K67 values have declined by around $390/ton (30%). Even after these corrections, dutiable material remains roughly 7% above pre-conflict levels, while duty-free PVC still carries a premium of around 15%.
US-Origin PVC Pushes Import Market Lower
A major development this week was the decline in US-origin PVC offers, which pushed dutiable K67 prices below an important psychological threshold. The aggressive pricing reinforced the bearish mood across the market and encouraged buyers to continue targeting lower levels.
Although Chinese offers remained limited due to elevated freight costs, buyers largely ignored this supportive factor. Market participants pointed out that global oversupply, weak demand in key regions, and ample availability continued to outweigh logistics-related concerns.
Many buyers remained convinced that additional price reductions could emerge during the coming weeks, reducing their willingness to commit to large-volume purchases.
European Suppliers Face Increasing Resistance
Pressure was also evident in the duty-free segment, where European suppliers encountered stronger buyer resistance.
Converters increasingly targeted levels below $900/ton CIF, encouraged by weak regional demand, falling raw material costs, and expectations that Europe may face additional competition from imported cargoes during the summer months.
Competitive South Korean offers near $850/ton CIF further intensified pressure on European sellers, making it difficult to maintain previous pricing levels.
Lower Oil and Ethylene Costs Weigh on Sentiment
The decline in energy markets added another bearish factor to the PVC outlook.
Brent crude prices recently fell below $75/bbl, reinforcing expectations that the remaining conflict-related premium across petrochemical markets will continue to fade. At the same time, weaker ethylene prices and expectations of lower July settlements in Europe have further reduced cost support for PVC producers.
As production costs continue to ease, buyers are becoming increasingly confident in seeking additional discounts.
Local Market Remains Under Pressure
Within Turkey, distributors continued to adjust prices lower in response to falling import levels. Meanwhile, converters remained focused on reducing existing inventories rather than building new stocks.
Demand from downstream industries remained weak, while liquidity challenges continued to limit spot market activity. Although some specialty PVC grades experienced smaller corrections due to tighter availability, the broader market direction remained negative.
July Outlook Remains Weak
Market participants generally expect PVC prices to remain under pressure through July. Falling crude oil values, soft demand conditions, and the upcoming summer holiday season in Europe are likely to keep trading activity subdued.
With supply continuing to exceed demand and buyers maintaining a cautious approach, sellers may face increasing pressure to offer further concessions. Unless lower prices trigger a meaningful improvement in purchasing activity, the market is expected to remain firmly tilted in favor of buyers.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.
Both imported and local PVC prices remained on a downward trend, with market participants expecting additional corrections in July if demand fails to improve.
The market has already given back a large portion of the gains recorded during the earlier conflict-driven rally. Compared with late-March highs, dutiable PVC K67 prices have fallen by approximately $320/ton (29%), while duty-free K67 values have declined by around $390/ton (30%). Even after these corrections, dutiable material remains roughly 7% above pre-conflict levels, while duty-free PVC still carries a premium of around 15%.
US-Origin PVC Pushes Import Market Lower
A major development this week was the decline in US-origin PVC offers, which pushed dutiable K67 prices below an important psychological threshold. The aggressive pricing reinforced the bearish mood across the market and encouraged buyers to continue targeting lower levels.
Although Chinese offers remained limited due to elevated freight costs, buyers largely ignored this supportive factor. Market participants pointed out that global oversupply, weak demand in key regions, and ample availability continued to outweigh logistics-related concerns.
Many buyers remained convinced that additional price reductions could emerge during the coming weeks, reducing their willingness to commit to large-volume purchases.
European Suppliers Face Increasing Resistance
Pressure was also evident in the duty-free segment, where European suppliers encountered stronger buyer resistance.
Converters increasingly targeted levels below $900/ton CIF, encouraged by weak regional demand, falling raw material costs, and expectations that Europe may face additional competition from imported cargoes during the summer months.
Competitive South Korean offers near $850/ton CIF further intensified pressure on European sellers, making it difficult to maintain previous pricing levels.
Lower Oil and Ethylene Costs Weigh on Sentiment
The decline in energy markets added another bearish factor to the PVC outlook.
Brent crude prices recently fell below $75/bbl, reinforcing expectations that the remaining conflict-related premium across petrochemical markets will continue to fade. At the same time, weaker ethylene prices and expectations of lower July settlements in Europe have further reduced cost support for PVC producers.
As production costs continue to ease, buyers are becoming increasingly confident in seeking additional discounts.
Local Market Remains Under Pressure
Within Turkey, distributors continued to adjust prices lower in response to falling import levels. Meanwhile, converters remained focused on reducing existing inventories rather than building new stocks.
Demand from downstream industries remained weak, while liquidity challenges continued to limit spot market activity. Although some specialty PVC grades experienced smaller corrections due to tighter availability, the broader market direction remained negative.
July Outlook Remains Weak
Market participants generally expect PVC prices to remain under pressure through July. Falling crude oil values, soft demand conditions, and the upcoming summer holiday season in Europe are likely to keep trading activity subdued.
With supply continuing to exceed demand and buyers maintaining a cautious approach, sellers may face increasing pressure to offer further concessions. Unless lower prices trigger a meaningful improvement in purchasing activity, the market is expected to remain firmly tilted in favor of buyers.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.
