China’s export PET market turns soft after two weeks of firming
A domestic producer applied a decrease of $20/ton on its export PET offers as of today, bringing its new prices to $930/ton FOB China, cash. In Southeast Asia, the producer’s new offers stand at $940-950/ton CIF, cash. A producer source cited lower crude oil and MEG prices as the main reason behind their downward revision.
A Shanghai-based trader noted, “PET prices have started to soften again in the midst of lower costs. Demand is not that great despite the high season while the number of done deals is limited this week.”
A bottle manufacturer in Malaysia said, “We received a lower PET offer from China at $935/ton CIF, cash in line with decreasing crude oil futures. Sellers in China and Southeast Asia are facing stock pressure nowadays. Therefore, we are not planning to purchase anything beyond our urgent needs for the moment.”
In China’s local PET market, meanwhile, a bottle manufacturer received slightly lower offers from different sources, commenting, “Prices had rapidly increased in the last two weeks. We were not surprised with the recent softening as demand towards our end products is not performing well despite the season.”
In China, the overall range for export PET prices is currently quoted at $910-930/ton FOB, cash. On a weekly comparison, the range is down by $20-30/ton.
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