Export PET prices hit $900/ton threshold in China
A source from a local producer reported that they reduced their export PET offers to $900/ton FOB China, cash. The source commented, “Crude oil prices have sunk below $50/barrel on the NYMEX, which was followed by further decreases in PX, PTA and MEG costs. We believe that we may even see levels below $900/ton over the near term.”
Spot paraxylene prices on an FOB South Korea basis have lost around $80/ton week over week to be quoted at $745/ton. Spot PTA prices are down $45/ton to reach $590/ton CFR China while spot MEG prices retreated by $65/ton to be quoted at around $690/ton with the same terms.
A source from a second producer also stated that they revised their export PET offers downward to $900/ton FOB China, cash. He said, “Sellers are giving further decreases in order to conclude deals, however, market sentiment is softening as buyers are waiting to see further reductions based on the recent declines in crude oil prices. Prices are likely to move down further in the near term.”
A Shanghai-based trader who is also offering export PET at $900/ton FOB, cash, commented, “Demand remains muted while prices are still following a softening trend. Although prices have hit the $900/ton threshold, nobody is interested in purchasing.”
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