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Chinese producer cuts local, export PET prices

by ChemOrbis Editorial Team -
  • 20/06/2017 (14:40)
A source from a Chinese PET producer reported that they decreased their export and local offers from last week due to weaker upstream costs as well as thin demand.

The producer cut its export PET offers by $10/ton to $910/ton FOB China, cash and its local prices by CNY150/ton ($22/ton) from last week at CNY7200/ton ($905/ton without VAT) on an ex-warehouse China, cash including VAT basis.

A source from the producer noted that their new levels are open to negotiations.

Meanwhile, the producer’s offers for PET bottle to Southeast Asian markets are also $10/ton lower from last week at $920-930/ton CIF SEA, cash basis.

The PET market was up in China last week on the heels of higher MEG costs following an earlier softening trend; however, players were skeptical about last week’s firming due to lower crude oil prices.
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