Chinese producer lifts export PET prices
Regarding upstream costs, the source commented, “We think that MEG prices will remain on a firm note in the near term given low inventory levels. For PTA, we expect to see stable prices until the Chinese New Year holiday start.” The source also stated that local demand is still better than export demand and they prefer to sell to the local market as they can sell at higher levels.
Spot MEG prices increased by around $15/ton on a weekly basis to be quoted at $910-915/ton CFR China at the end of last week while spot PTA prices were mostly unchanged at $640-645/ton with the same terms.
Meanwhile, the producer’s PET offers to Southeast Asia currently stand at $1000-1005/ton CIF SEA, cash basis while its local prices are quoted at CNY8100/ton ($998/ton without VAT) on an ex-warehouse China, cash including VAT basis.
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