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European PET breaks below €1200 for first time in 7 months

by ChemOrbis Editorial Team -
  • 18/12/2018 (12:29)
In Europe, spot PET prices moved below the €1200/ton threshold for the first time since around mid-May. December deals were already closed with decreases of €70/ton in the spot market and up to €100/ton drops in the contract market in sync with the lower feedstock settlements.

The local PET range was last reported at €1120-1180/ton in Italy, while it stood at €1130-1190/ton in Northwest Europe, all on FD, 60 days basis.

Some players now think that prices might hover at their current levels ahead of the imminent year-end and a possible rebound as of January. This is not only because the sentiment cautiously recovered in line with the rebound in China but also because some players voiced bullish expectations for 2019 contract negotiations, citing surging spot values throughout most of the year.

They concurred, “The local market is more favorable nowadays as import offers are losing competitiveness based on China’s recovery. Therefore, the bearish trend might come to a halt providing that the recovery prevails in the import market.”

Nonetheless, some players remain skeptical about a bottoming out, with their eyes on the future sustainability of the current trend in China and fluctuating upstream markets. A buyer commented, “We do not believe that prices will rebound in Europe as China’s recovery might not be sustained if feedstock costs drop further.”

Meanwhile, concerns over the sustainability of the recent rebound in imports kept buyers on the sidelines. Indorama’s force majeure failed to have an impact on overall PET supplies as this coincided with seasonally low demand.
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