PTA贸易流从土耳其转向新市场

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In recent years, Turkey has become a key competitive arena for Asian producers that export purified terephthalic acid (PTA), the key feedstock for polyethylene terephthalate (PET) production used in the production of various bottle and packaging products. This trade flow change has been driven by Asia’s need to export surplus volumes due to significant capacity expansions in China and India. But more changes will be seen in the coming years as new domestic production ramps up.

Imports to Turkey from China grew substantially from 2021 onwards, placing Chinese PTA in direct competition with South Korean producers who have been the traditional suppliers to this region. South Asian producers also had some presence here, benefitting from lower freight costs and quicker shipping times due to geographical proximity to Turkey. But these exports have since decreased because of India’s increasing domestic PTA needs.

Trade flows from Asia-Pacific are poised to change even more with SASA’s investments in PTA production in Turkey, a country which has historically been import-dependent.

SASA has been a key player in Turkey's polyester industry for some time now. The company has the advantage of minimal freight costs to serve domestic customers. Initially focused on polyester production, the company has expanded its operations over the decades. In 2015, SASA was acquired by Erdemoğlu Holding, which spurred further growth and investment in these sectors.

SASA's investment in PTA has led to the commissioning of the largest PTA production facilities in Turkey, which will move the country toward self-sufficiency in PTA, drastically lowering PTA imports into Turkey. The project will annually deliver a total of 1.5mn t of PTA, utilizing paraxylene as well as acetic acid as the key feedstocks. Turkey’s 2023 capacity was around 105,000t and its consumption was close to 1.8mn t, with almost all of its requirements catered by imports.

The Bottle PET Chips Production Facility, currently under construction at the Adana campus, is set to be operational in the first quarter of 2025. With an annual capacity of 330,000t and an estimated investment of $160mn, this facility is projected to add around $400mn to the annual turnover.

Similarly, the Fiber Production Facility, also under construction at the Adana campus, is expected to be commissioned in the second quarter of 2025. This facility will have a total annual capacity of 402,500t, with an investment cost of $450mn, and is anticipated to contribute approximately $500mn to the yearly turnover.

Once the new polyester facilities fully ramp up their production, Turkey’s net PTA deficit will be around 900,000t which is still substantially lower than the current deficit of around 1.8mn t.

Previously, Turkey was among the top five destinations for Chinese PTA exports. In response to SASA’s planned production, some Chinese producers have already begun shifting some PTA exports to other markets such as Egypt, Oman and Vietnam. South Korean producers, which previously supplied nearly 47pc of Turkey's PTA in 2023, are likely to bear the brunt of Turkey’s increased PTA production. While China will absorb some of their PTA domestically, South Korea will have limited options but to find new markets for its PTA exports.

Some imports to Turkey may not see much change. Both Korean and Malaysian PTA benefit from an FTA advantage in Turkey, with zero import duty. This means it could still be imported to some extent, particularly for PET or polyester re-exports.

Additionally, some European producers, who have been exporting excess material to Turkey in recent years, will also face challenges. For these producers, focusing on Western European economies may make more sense after losing a market of this size. According to trade data, Turkey imported nearly 1.9mn t of PTA in 2023 with Western Europe accounting for 12pc of it.

As exporters look to manage these changes in Turkey, there will be continued pressure to diversify their destination markets. South Korean and Chinese PTA exporters will explore new markets in regions where PTA demand for PET production in end use sectors such as packaging, automotive, textiles, and electronic is growing, such as South Asia. By expanding their customer base, they can lower their reliance on the Turkish market.

In summary, SASA's investments in Turkey's PTA production are anticipated to significantly reduce the country’s import dependence. From 2025 onwards, as SASA's plants gradually increase their output, traditional producers will need to diversify their product portfolios or seek alternative markets to offset the loss of this market. Besides South Asia, the excess PTA that would be available is likely be diverted to European and North American markets as well, further pressuring the local producers in those regions.

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英文原版文章，可使用微信的“全文翻译”功能转换为中文阅读，点击左图放大查看示意图