Chinese PET prices move above $1050/ton threshold in Turkey
“We were offered at $1000/ton at the beginning of the week before Chinese prices gradually reached $1050/ton and then $1060/ton,” a trader reported. Players generally concurred that the Asian PET market was quite firm, which pushed Chinese prices up, while they heard no offers for other dutiable or non-dutiable origins this week. “We heard that Pakistani and Omani sources are not in the market as they might have sold out,” a trader stated.
Export PET prices out of China surged $40-60/ton week over week. This would theoretically bring offers to around $1030-1090/ton CIF Turkey for those cargos. This calculation reveals the upwards pressure on the lower end that was valid earlier in the week.
Based on soaring feedstock costs in Asia and the upcoming summer peak season, the near term outlook is clearly strong in Turkey so long as support from the cost side persists. Currently, spot MEG prices indicate a $40/ton increase week over week while PTA costs are up $65/ton on a CFR China basis. Plus, spot PX prices soared $60/ton on an FOB South Korea basis over the same period.
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