Export PET offers from South Korea decrease for 11th week
The producer cut its offers by $30/ton from last week to $1160/ton FOB Busan, cash. The source noted that their inventory levels were not high.
Players blamed weaker upstream costs and falling crude oil futures for the ongoing downward trend.
In feedstock markets, spot PTA prices retreated further by $70/ton on a weekly basis at $840/ton CFR China while spot MEG prices were also down by $55/ton to be quoted at $675/ton with the same terms.
According to data from ChemOrbis Price Index, PET bottle prices on FOB Korea basis have registered a cumulative decrease of $260/ton since the downtrend kicked off in around early September. The weekly average of prices is currently hovering around lowest levels since January 2018.
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