Chinese producer cuts PET prices
The producer reduced their export prices by $30-40/ton when compared with their most recent offers from two weeks ago, bringing their new prices to $1070/ton on an FOB China, cash basis while they cut their local prices by around CNY100/ton ($16/ton) to CNY7900/ton ex-warehouse China, cash including VAT ($1108/ton without VAT).
The source commented, “Prices are softening in line with lower PTA and MEG costs. For June, we are feeling bearish as ample supplies are likely to exert additional downward pressure on PET prices.”
In China, export PET prices are currently reported at $1025-1080/ton on an FOB China, cash equivalent basis.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops