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European PET hits more than two-year high

by ChemOrbis Editorial Team -
  • 28/08/2017 (15:38)
In Europe, PET deals were closed with rollovers to slight increases in early August before players left their desks for summer holidays. However, three digit hikes have passed in late August deals since the absence of JBF in Belgium along with the Lotte Chemical’s force majeure declaration on PET supplies from its Wilton facility in the UK exacerbated tightness concerns. A few players said that the force majeure at Wilton’s one of the PET lines with a production capacity of 160,000 tons/year remains in place, although there were no official statements at the time of press.

Looking at the weekly average prices on ChemOrbis Price Wizard, PET prices in Northwest Europe are standing at their highest levels since May 2015. In Northwest Europe, spot PET prices are reported at €1100-1150/ton FD NWE, 60 days whereas South Korean PET was traded at €960-970/ton DDP Germany, 60 days.

A distributor from Switzerland reported that supply is short and buyers have already started to secure stocks for September as soon as they came back from holidays. He added, “There is a huge gap between import and local market due to the favorable euro-dollar parity. Buyers flock to purchase relatively competitive import materials; however, we believe that this will soon change depending on acute tightness within Europe and the ongoing firmness in Asia.”

A PET producer in China admitted performing good sales to Europe saying, “Demand from export markets is stable as weak demand from Japan and Indonesia has been offset by better buying interest from Europe.”

Meanwhile, a converter from Germany noted, “Spot material is particularly short as suppliers see strong demand. We don’t think we can push for discounts in the contracts market either.”

A buyer in Belgium receiving offers with increases of €80-100/ton from a Central European source said that he will evaluate other offers and try to talk with his regular suppliers, adding, “We expect to hear similar increases from them too.”

As for September, prices are expected to post further increases throughout the month unless supply tightness ease and import material remains scarce.
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