China’s export PET market rebounds on higher upstream
The downward trend in China’s export PET market had kicked off in the first half of February, which resulted in a cumulative fall of around $155/ton on average since then, according to ChemOrbis Price Wizard.
China’s export PET market hit over 5-month-low before prices have shown a recovery this week, as can be seen from the graph above. A producer raised its export offers by $10/ton compared to last week, attributing their decision to the firmer MEG prices.
A different seller also noted, “PET prices have already decreased for two consecutive months, therefore we do not expect steep falls or huge increases in the short term. Prices are likely to follow a stable to slightly firm trend.”
On the other hand, some players suspect whether these increases will be sustained given still high local inventories coupled with unpromising demand.
Domestic PET prices also posted increases due to firmer MEG prices. A producer source reported, “News regarding the extension of oil cut has boosted crude oil and accordingly MEG prices. However, we still prefer to remain on the sidelines as we think that the recent rebound is just temporary.”
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