Chinese PET fails to catch buyers’ attention in Italy
In Italy, the local PET range was last reported at €980-1030/ton FD, 60 days whereas Chinese PET offers emerged at €970-980/ton DDP.
Initial PET offers from China are almost in line with European prices, being found unattractive for the time being. A distributor reported, “We heard an offer from China at €980-990/ton DDP, which failed to grab interest among buyers as they are at the same levels with European offers being available below €1000/ton threshold.”
PET prices in Asia have been on a weakening trend for more than three months while the downturn started in late March in Europe. Players are currently observing developments in crude oil and feedstock markets to have a clearer idea regarding the June outlook as the recent rebound in the energy complex may affect the feedstock markets.
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