Turkey reduces import duties on commodity plastics

07 January 2010 16:01  [Source: ICIS news]

LONDON (ICIS news)--The Turkish government has reduced its homopolymer poypropylene (PP), low density polyethylene (LDPE) and polyvinyl chloride (PVC) customs duties for developing countries from 6.5% to 3.0%, market sources said on Thursday.

The move was said to be effective from 1 January 2010 and followed the increase of such duties on the same date in 2009.

“We have seen higher offers from Middle Eastern suppliers this week after this move,” a trader said.

European product would continue to move into Turkey on a no-tariff basis, said sources.

Market sources added that PP prices had increased in Turkey over the past few days.

“We have seen less PP supply from the Middle East this year,” said another trader.

“New offers are up to $1,300/tonne [€897/tonne] CFR [cost and freight] in some cases but that is not the norm in the market yet,” they added.

PE prices were also up, and local supplier Petkim increased its PP price by $45/tonne in two separate stages to $1,320/tonne CFR, and its LDPE price by $60/tonne to $1,520/tonne CFR.

Offers of LDPE from the Middle East were reported at $1,360/tonne CFR, subject to the new 3% import duty.

($1= €0.69)

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By: Linda Naylor
+44 20 8652 3214

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