China’s PET markets move higher on firm upstream
Data from ChemOrbis Price Index shows that China’s export PET prices on a weekly average basis have been tracking a firming trend since the end of National Day holiday to recently hit a seven month high.
The local market was also on bullish notes owing to replenishment activities on the converters’ side.
A source from a domestic producer commented, “OPEC’s decision to cut production boosted crude oil prices which subsequently pushed MEG prices higher. The local PET market is doing very well at the moment as buyers are more willing to replenish after the implementation of increases of up to $73/ton on domestic offers. For exports, demand is not that great due to the presence of competitive offers from India.”
Another domestic producer also confirmed healthy local demand, citing preparations for Chinese New Year. “Demand is still doing fine although we entered the winter season. On top of it, supply is considered to be limited nowadays due to several maintenance shutdowns. Demand towards our export offers is not strong, but we are not feeling any sales pressure,” a source stated.
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