Export PET offers from South Korea decrease for 11th week
by ChemOrbis Editorial Team - content@chemorbis.com
A source from a South Korean producer reported that they applied additional decreases on their export PET prices as of this 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.
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- European PP, PE buyers sideline ahead of further drops in June
- China’s April PE imports fall to around 1 million tons, lowest since 2018
- Vietnam’s polymer markets buckle under an influx of Chinese cargoes
- Divergence grows between Egypt’s import and local PP, PE markets
- PP markets in China, Vietnam hit 3-year lows, readying to test new lows
- African PE, PP markets extend slide into May
- Asian PS, ABS markets at 2½-3-year lows amid Chinese oversupply
- India’s Q1 PVC imports hit record-high; did buyers rush to stock up before expected restrictions?
- LDPE prices move below LLDPE, HDPE on global lethargy
- Slide deepens in Middle Eastern PP, PE markets through May
