China’s export PET prices break below $1000 threshold
Players attributed the ongoing softening to stagnant demand in the country as well as the falling MEG prices on CFR China basis which are currently standing around $155/ton below early-February levels.
Data from ChemOrbis Price Index shows that the weekly average of export PET prices on FOB China basis moved up to $1050/ton in the week after the Chinese New Year holiday but has steadily moved back down since then. The latest export offers were reported at $980-1015/ton FOB China with the low end breaking below the $1000/ton threshold, although the average is yet to go below it.
Source: ChemOrbis Price Wizard
A source from a Chinese producer commented, “It is hard to say whether the expected improvement in replenishment activities will lead a rebound in the short term or not as monomer and crude oil prices are not supportive.”
A trader opined, “Prices posted slight decreases again this week since upstream markets weakened, particularly MEG prices. We expect to see an improvement in demand during the March-April period in line with the better weather conditions.”
A Thai plastic end product manufacturer stated, “PET prices are falling mainly due to retreating MEG prices and the recent drops in crude oil prices may also cause further decreases. Meanwhile, demand is still limited to the need-only based purchases.”
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