Chinese producers cut export PET prices
A source from one of the producers stated that they reduced their export PET prices by $40-50/ton on the week to $1130-1140/ton FOB China, cash. He stated, “Spot PTA and MEG prices are still decreasing while demand is not encouraging. Hence we are taking a cautious stance nowadays and feeling pessimistic about the near-term market outlook.”
A source from a second producer also reported lowering their export PET offers by $40/ton to $1130/ton FOB, cash. He commented, “Upstream markets are weak while futures prices have softened further. Plus, demand is disappointing as buyers are still waiting on the sidelines with the expectation of seeing further reductions. We have managed to conclude some deals so far with buyers who are running out of inventories. However, for the near term, we expect that prices will continue to face further downward pressure as long as feedstock costs follow the softer path.”
In Asia, spot PTA prices broke below the $800/ton threshold by decreasing $95/ton week over week to around $765/ton CFR China while Asian MEG prices dipped $85/ton on the week to be quoted at around $810/ton with the same terms.
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