The PET Middle East market is navigating a challenging environment during the latter half of 2024, driven by fluctuating demand and evolving economic dynamics. In key regions like Türkiye and Egypt, the balance between upstream costs, local preferences, and global trends is shaping the PET market outlook.

Türkiye’s PET Market: Stability Amid Weakening Demand

In Türkiye, August closed with stable PET prices, though demand remained weak. Sellers report that resin buyers are holding off purchases, expecting potential price reductions in September. Local polyester buyers are showing a preference for domestic suppliers, indicating a shift away from imports.

The PET Middle East market in Türkiye is also affected by oil price volatility. Recent fluctuations have introduced uncertainty into cost forecasts, leading buyers and sellers to adopt cautious strategies.

Egypt’s PET Market: A Mixed Scenario

In Egypt, PET prices have faced downward pressure due to falling import costs, highlighting weak demand in August. However, local market prices saw an increase of EGP 3,000-5,000 per ton since June, reflecting unique supply-demand dynamics.

Despite steady import offers, elevated costs have not translated into higher prices due to sluggish demand. Freight rates and upstream material costs remain pivotal in influencing Egypt’s PET market trends.

Regional Dynamics and Future Outlook

Across the Middle East, oil price fluctuations and freight rates continue to play critical roles in determining PET market pricing. While import volumes remain stable in some regions, weakening global demand is expected to weigh on prices in the coming months. However, localized supply issues and shifting buyer preferences may provide isolated support to the PET Middle East market.

Conclusion

As the PET Middle East market progresses through Q3 and Q4 of 2024, the interplay between local and global dynamics will be crucial. Buyers and sellers need to adapt to evolving conditions, including changing import-export trends and cost factors, to navigate this challenging environment effectively.

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