Chinese PET producers attempt for hikes on higher costs
A Chinese producer lifted its export PET offers by $20/ton from last week to $1050-1070/ton FOB China, cash basis.
“The firming in the upstream market and the temporary truce on the trade conflict with the US boosted the sentiment for PET. However, we have doubts about the sustainability of this cautious recovery given the recent losses in crude oil futures and weak demand,” a company source commented.
An agent of a Chinese producer also reported that their supplier applied a $40/ton of increase on its export PET offers from last week to $1100/ton FOB, cash basis.
“We have finally seen some price increases this week after a long time of softening amid weak demand,” a company source noted.
In Asia, spot MEG prices have increased $30/ton when compared to late November to be currently quoted at around $710/ton CFR China while spot PTA prices edged up by $10/ton over the same period to reach $850/ton with the same terms.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- African PE, PP markets extend slide into May
- Asian PS, ABS markets at 2½-3-year lows amid Chinese oversupply
- India’s Q1 PVC imports hit record-high; did buyers rush to stock up before expected restrictions?
- LDPE prices move below LLDPE, HDPE on global lethargy
- Slide deepens in Middle Eastern PP, PE markets through May
- Oil prices down for fourth straight week, delicate balance ahead
- European ABS under pressure from aggressive imports, PS holds firm
- Türkiye witnesses plentiful PE offers amid globally weak demand
- India PP, PE markets’ slump extends into third month ahead of monsoon
- PP sellers trim May offers further, prices hit 3-month low in Europe