Chinese trader: PET producers lift export prices

A trader operating in Shanghai reported that several Chinese producers implemented increases on their export PET prices today on the heels of firmer crude oil costs on the NYMEX, which climbed by $1.68/barrel on a week over week basis to settle at $43.18/barrel on April 21.

According to the trader, two Chinese producers raised their export PET prices by $30/ton while two other producers also issued increases of $10/ton on their offers, with the current export PET prices standing at a range of $900-930/ton on an FOB China, cash basis.

“Producers have low stock levels and they are not feeling any sale pressure nowadays. Demand from Southeast Asia is regular while suppliers see good interest from other global markets such as South Africa, South America and Japan,” he commented.