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Turkey emerges as major US PET supplier amid tight domestic supply
HOUSTON, January 17, 2018 (PCW) -- US PET imports from Turkey surged in Dec due to tight domestic supply and a sharp drop in imports from five countries soon to be hit with anti-dumping duties.
Imports from Turkey from Jan-Nov 2017 were negligible at just 707 metric tons. The top source of imports in Nov 2017 alone was Taiwan at 20,370 mt.
But imports from Turkey in December alone totaled several thousand tons, according to importers and US PET end users.
It was understood that one importer of Turkish PET in Dec was a US PET producer who was oversold.
The supply crunch is the result of production stoppages at M&G Chemicals plants in Altamira, Mexico, and Apple Grove, WV, and the absence of PET from M&G's unfinished Corpus Christi, TX, plant--designed to be the world's largest with PET production capacity of 1.3 million mt/year. Work on the plant was halted in Oct 2017 due to M&G bankruptcy filings.
Imports from Taiwan, South Korea, Indonesia, Brazil and Pakistan, collectively accounting for about 42% of all imports in Jan-Aug 2017, started to drop in Dec due to anti-dumping duties to be imposed on Mar 5.
US PET prices as a result have risen 2-3 cpp this month from Dec, with spot domestic PET on Wednesday done at 71-72 cpp bulk truck and railcar delivered Midwest. Imported PET (IV of 78 ml/gram or higher) was done at 68-69 cpp DDP East Coast. -- Xavier A. Cronin