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Chinese PET producers attempt for hikes on higher costs

by ChemOrbis Editorial Team - content@chemorbis.com
  • 07/12/2018 (14:37)
Some Chinese producers have attempted for increases on their export PET offers this week with support from higher upstream costs. This followed a steady downtrend that kicked off in mid-September.

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.
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