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Export PET prices from China, Taiwan drop further

by ChemOrbis Editorial Team -
  • 28/11/2018 (11:46)
Chinese and Taiwanese producers implemented additional decreases on their PET bottle prices in the face of weaker upstream costs and slumping crude oil futures.

A Chinese producer reduced its export PET offer further by $30/ton from last week to $1150/ton FOB, cash. “Demand remains stagnant as buyers prefer to stay sidelined when prices track a downtrend,” a producer source noted.

According to a trader operating in Vietnam, export PET offers from China witnessed fresh drops of $10/ton from last week to reach $1060/ton FOB, cash. He attributed lower prices to softening upstream costs.

The overall range for export PET bottle prices on FOB China, cash basis currently stands at $1060-1150/ton, down $5-30/ton on a week over week comparison.

Meanwhile, a source from a Taiwanese PET producer also reported that they conceded to giving further discounts of $30/ton from their initial offer level and concluded a few deals at $1120/ton FOB, cash.

He commented, “Demand is quite slow amid growing uncertainties regarding the China-US trade war.”

In feedstock markets, spot PTA prices recorded a weekly decrease of $60/ton to be recently quoted at $840/ton CFR China while spot MEG prices also dropped by around $40-45/ton to reach $675/ton with the same terms.
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