Chinese export PET prices fail to remain above $900/ton
Chinese sellers were hoping to improve their export businesses following the yuan devaluation. This week, however, some traders reported that they had to concede to discounts again as Southeast Asian buyers were reluctant to purchase due to their depreciating local currencies against the US dollar.
A trader operating in Shanghai commented, “The upstream trend remains bearish while demand is not showing any signs of real improvement as the autumn season is approaching. The devaluation of the yuan has not had a positive impact on the export PET market yet as Southeast Asian buyers are struggling with depreciating local currencies across the region.”
A source from a local Chinese producer reported that their export PET offers currently stand at $900-910/ton FOB, cash. “We may consider giving discounts after negotiations. Export demand is slow in the face of local currency issues in the nearby Southeast Asian markets. Competitively-priced Indian export cargoes are also hindering our export sales. Meanwhile, demand from our local market is good nowadays. Hence, we are operating our plant at full rates,” the source stated.
In China, export PET prices are currently reported at $880-930/ton on an FOB, cash equivalent basis.
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