Chinese producer lowers export, local PET prices
by ChemOrbis Editorial Team - content@chemorbis.com
A source from a Chinese PET producer reported that they cut both their export and local prices when compared to last week in the face of lower upstream costs, weaker crude oil prices and sluggish demand.
The producer decreased its export PET offers by $20/ton to $920/ton FOB China, cash basis. For the local market, the producer’s prices declined by CNY200/ton ($29/ton) from last week at CNY7000/ton ($869/ton without VAT) on an ex-warehouse China, cash including VAT basis while they concluded a deal with an additional discount of CNY100/ton ($15/ton) at CNY6900/ton ($857/ton without VAT) with the same terms.
The source opined, “Players in the local market either remain on the sidelines or purchase based on their needs. Apart from inquiries we received from Europe, demand is limited in the export market as well. We think the direction of the PET market will mostly depend on demand in the upcoming period.”
Meanwhile, the producer’s offers for PET bottle to Southeast Asian markets currently stand at $925-930/ton CIF SEA, cash basis.
The producer decreased its export PET offers by $20/ton to $920/ton FOB China, cash basis. For the local market, the producer’s prices declined by CNY200/ton ($29/ton) from last week at CNY7000/ton ($869/ton without VAT) on an ex-warehouse China, cash including VAT basis while they concluded a deal with an additional discount of CNY100/ton ($15/ton) at CNY6900/ton ($857/ton without VAT) with the same terms.
The source opined, “Players in the local market either remain on the sidelines or purchase based on their needs. Apart from inquiries we received from Europe, demand is limited in the export market as well. We think the direction of the PET market will mostly depend on demand in the upcoming period.”
Meanwhile, the producer’s offers for PET bottle to Southeast Asian markets currently stand at $925-930/ton CIF SEA, cash basis.
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