Export PET deals concluded with discounts in China
A trader based in Changzhou reported that they were able to sell some export PET cargoes at $850/ton FOB China, cash after conceding to a discount of $10-20/ton. He commented, “PX and PTA prices continued to post decreases this week while plunging crude oil prices are keeping buyers on the sidelines.”
A second trader who is operating in Shanghai also reported concluding export PET deals at $850/ton FOB, cash after agreeing to $10-20/ton discounts. He said, “Buyers mostly prefer prompt cargoes nowadays due to the approaching Chinese New Year holidays as they are struggling to predict the possible direction of the market in the post-holiday period. We hear that deals in the local market have dropped below the CNY6000/ton ($840/ton without VAT) threshold while we afraid that export prices may touch levels even below $800/ton FOB over the near term.”
In China, export PET prices are currently standing at $850-900/ton FOB China, cash equivalent basis.
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