Chinese trader lowers export PET prices further
by ChemOrbis Editorial Team - content@chemorbis.com
A trader based in Shanghai reported that he implemented additional decreases on his PET bottle offers to the export markets.
The seller cut its offers by $30-40/ton from last week to $1050-1070/ton FOB China, cash.
“The PET market resumed its downward trend in the face of sharply down crude oil futures. Some suppliers’ inventory levels are not high, yet this is not enough to support a firming for the moment. Buyers largely retreated to the sidelines as they believe that the market might see some further losses over the short term,” the trader commented.
In feedstock markets, spot PTA prices decreased further by around $25/ton on a weekly basis to be quoted at $820/ton CFR China as of the end of last week while spot MEG prices were also down by $25/ton to reach $660/ton with the same terms.
The seller cut its offers by $30-40/ton from last week to $1050-1070/ton FOB China, cash.
“The PET market resumed its downward trend in the face of sharply down crude oil futures. Some suppliers’ inventory levels are not high, yet this is not enough to support a firming for the moment. Buyers largely retreated to the sidelines as they believe that the market might see some further losses over the short term,” the trader commented.
In feedstock markets, spot PTA prices decreased further by around $25/ton on a weekly basis to be quoted at $820/ton CFR China as of the end of last week while spot MEG prices were also down by $25/ton to reach $660/ton with the same terms.
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