China’s local PET market sinks to 4 month low
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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