Turkey’s PVC Import Market Records First Price Recovery in Nearly Four Months

Turkey’s import PVC K67 market has shown its first meaningful upward movement in almost four months, ending a prolonged period of price declines that had wiped out the premiums built up earlier this year. The recovery has been driven by higher offers from US suppliers, followed by firmer quotations from Northeast Asian exporters, strengthening market confidence that prices may have reached their lowest point.

Even though negotiations are still ongoing and buying activity remains cautious, market participants are now focusing on upcoming global pricing decisions to determine whether the recent rebound can be sustained.

US Suppliers Lead the Price Recovery

The strongest price increases were seen in the dutiable import market, where US suppliers lifted their offers by up to $60/ton after stronger pricing trends emerged across Asian markets. This marked a clear shift from the continuous discounts offered throughout May, June, and most of July.

Buyer reactions remain mixed. While some traders said customers continue to negotiate for lower prices, others believe the revised offers simply reflect higher production costs and current export market conditions rather than aggressive price increases.

Asian Exporters Also Raise Offers

The firmer pricing trend quickly spread across Asia. Chinese exporters increased their offers in line with gains in the domestic market, pushing PVC K67 prices above $800/ton CIF Turkey. South Korean suppliers also returned to the market after temporarily suspending quotations and introduced significantly higher offers than those seen a week earlier.

Supported by stronger ethylene prices and elevated container freight costs, suppliers across several Asian origins have become less willing to compete aggressively after months of continuous price erosion, reinforcing the market's improving sentiment.

European Suppliers Hold Back

Unlike suppliers from the US and Asia, most European producers had not announced their August offers at the time of writing, resulting in limited activity in the duty-free market.

Many buyers reported that European sellers preferred to wait for greater clarity on upstream market developments before releasing fresh quotations. Market attention has now shifted to the upcoming August ethylene contract settlement in Europe. Expectations have moved from a rollover to a possible increase following stronger energy and feedstock markets. If confirmed, higher monomer costs could support firmer European PVC offers, although seasonal demand weakness may continue to limit price increases.

Future Direction Hinges on Demand

The market is expected to take its next direction from upcoming global pricing announcements, particularly August offers from European producers and the recent price increases announced by a major Taiwanese supplier for Asian markets.

Meanwhile, Brent crude oil has climbed to its highest level in nearly six weeks, reaching around $98/bbl, strengthening cost support across the PVC value chain.

Despite these positive cost factors, the approaching summer holiday season in Europe may reduce trading activity, while tight liquidity in Turkey and sufficient material availability in the local distribution market are likely to keep purchasing activity cautious. Market participants believe that a lasting price recovery will ultimately require stronger downstream demand rather than relying solely on higher production costs.

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