Chinese producer cuts local, export PET prices
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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