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Chinese producer cuts PET prices

by ChemOrbis Editorial Team -
  • 26/05/2015 (15:04)
A source from a Chinese producer reported that they reduced their export and local PET prices due to softening upstream markets, which are pushing buyers to the sidelines in anticipation of seeing further drops even though the high summer season for PET applications has already begun.

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.
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