Chinese PET producers decrease export offers
A source from a Chinese PET producer reported that they decreased their export offers by $20/ton from last week to $915/ton FOB China, cash. Meanwhile, the producer elected to keep its local offers stable at CNY7250/ton ($907/ton without VAT) on an ex-warehouse China, cash including VAT basis.
Another Chinese producer also lowered its export offers by $5-15/ton when compared to two weeks ago to $905-915/ton FOB China, cash basis.
A source from the producer commented, “Sellers are revising their offers based on MEG prices while the market sentiment is not finding any support from crude oil prices nowadays. We think the sales pressure will become more visible in the days ahead in line with the start up of new capacities.”
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