European PET market continues to witness sluggish demand
A West European producer concluded some July PET deals with rollovers to small increases of €10/ton from June after initially aiming for hikes of €30/ton at the beginning of the month. A producer source commented that they still managed to achieve slight increases owing to an improvement in demand with respect to last month and added that they expect PET prices to hover at around the current levels in the short term.
In Italy, the local PET price range is down by €20/ton on the low end week over week at €840-940/ton FD Italy, 60 days. A distributor sold West and South European PET with decreases of up to €30/ton from June. The seller complained about weak demand, commenting, “Demand is quite weak even though it should have reached the peak level in this period of the year. Therefore, prices remain at low levels.” A packaging producer reported that the offers he received in the local market are down by €30/ton from June. However, the buyer said that he isn’t interested in the local market, considering the import prices to be more competitive. In the import market, Turkish PET for August delivery was offered at €800-810/ton DDP, 60 days. South Korean prices were reported in the range of €820/ton with the same terms.
A distributor in Switzerland is giving July offers for West European PET with rollovers from last month at €930-940/ton FD, 60 days. “Demand is slow and we received only a few price inquiries from our customers. We expect prices to maintain their current levels in the short term unless feedstock costs fluctuate,” he noted. A buyer in Belgium received West European PET offers with rollovers to decreases of €20/ton from June at €860-870/ton FD, 60 days. The buyer stated that demand is regular for disposable kitchenware contrary to PET bottle.
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