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China’s local PET market sinks to 4 month low

by ChemOrbis Editorial Team -
  • 29/03/2017 (12:10)
In China, local PET prices continued to follow a softening trend over the past week, hitting their lowest levels since early December, according to data from ChemOrbis Price Index. Players mostly blame plunging upstream costs and cautious demand for the ongoing decreases in PET prices.

In Asia, spot MEG prices have decreased by $85/ton since the start of March to be currently reported at around $730/ton CFR China while spot PTA prices have lost around $45/ton over the same period to reach $640/ton with the same terms.

According to traders, local PET prices witnessed week over week decreases of around CNY50-100/ton ($7-29/ton) to be quoted at CNY7550-7750/ton ex-warehouse China, cash including VAT ($937-962/ton without VAT).

A trader operating in Shanghai commented, “Local PET prices dropped further on lower costs, which is pushing buyers to the sidelines despite the high season.”
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