Turkey PVC market continues downward trend as May discussions begin

Turkey’s PVC market entered May on a weaker note, with prices continuing to decline across import and domestic channels despite firmer upstream costs in Europe. The market remained under pressure due to weak demand from downstream industries, sufficient prompt availability, and cautious purchasing activity ahead of the long May holiday period.

Although Petkim temporarily halted PVC production because of VCM supply issues, the move failed to create any major supply concerns in the local market. Comfortable inventories and ongoing sales of imported material helped maintain stable availability.

Competitive Chinese cargoes continued to weigh heavily on the market, while the return of Qatari-origin K67 material after several months added further pressure by increasing supply choices for buyers. Negotiations for May cargoes largely opened with softer offers, forcing sellers to reduce prices further.

Over the past five weeks, import PVC K67 prices for non-dutiable origins have dropped sharply from late-March highs, while dutiable origins also recorded notable declines. The domestic distribution market followed the same direction, reflecting weaker sentiment and slower trading activity.

Despite the recent correction, current PVC levels in Turkey still remain significantly above pre-conflict market levels, showing that prices have not completely erased earlier gains.
Import market faces continued pressure.

Import PVC K67 prices extended their downward movement again this week, with aggressive Chinese offers continuing to set the lower end of the market around $900/ton CIF Turkey. Both ethylene-based and acetylene-based grades from China remained highly competitive, putting additional pressure on US suppliers.

US-origin PVC prices also moved lower, with some offers falling to around $950/ton CIF Turkey as softer export benchmarks from the US Gulf continued to influence pricing.

Meanwhile, duty-free origins also faced weaker demand. Suppliers from countries such as South Korea and Egypt lowered their offers to encourage buying before holiday-related slowdowns intensify.

In another key development, Qatari K67 material returned to the market for June shipment talks after being absent for months due to Middle East disruptions. Several deals were reportedly concluded around $1030/ton CIF Turkey.

Market sentiment weakened further after crude oil prices softened mid-week amid growing hopes for a regional ceasefire.

Petkim shutdown has limited market impact
On the local side, Petkim’s production suspension did little to tighten supply conditions. Domestic K67 prices slipped below the $1400/ton ex-warehouse cash level including VAT, as distributors continued to hold sufficient inventories accumulated during previous months.

Weak demand remained the main factor controlling the market, outweighing concerns linked to temporary production cuts. Petkim also continued supplying imported K67 cargoes to regular customers from local stocks.

Turkey’s strong import activity in March also played a major role in keeping the market well supplied. PVC imports surged sharply both month-on-month and year-on-year, reaching one of the highest monthly volumes seen in decades. This large inflow of material ensured healthy prompt availability and reduced the impact of isolated regional supply disruptions.

Focus shifts to European suppliers
Attention is now centered on official May offers from European PVC producers. While upstream ethylene costs in Europe increased during May, weak demand across both domestic and export markets is making it difficult for suppliers to maintain higher price targets.

A few early European K67 offers were heard around $1150/ton CIF Turkey, but buyers remain cautious amid the ongoing bearish market environment.

Weak consumption, holiday-related slowdowns, and strong supply availability are expected to keep the market in buyers’ favor throughout May. At the same time, changing regional trade flows may influence future pricing trends. Fresh cargoes from Northeast Asia and China have started re-entering the European market, which could encourage European producers to redirect additional volumes toward Turkey in the coming weeks.

Overall, Turkey’s PVC market is likely to remain under demand-side pressure for the rest of May, with buyers continuing to resist higher prices amid abundant supply conditions.

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