Export PET prices move below $800/ton in China
A source from a local producer reported that they lowered their export PET offers to $790/ton FOB, cash at the start of the week due to worsening demand in the face of the recent significant losses in crude oil costs. “Buyers suspend their purchases as they are not feeling confident about making fresh purchases owing to weakening upstream markets. We believe that demand can only pick up if crude oil prices stabilize,” the source stated.
A trader based in Shanghai commented, “Demand remains quite weak as upstream prices continue to lose ground. We are not planning to build extra stocks for the moment.”
In China, overall export PET prices are currently reported at $780-800/ton on an FOB, cash equivalent basis.
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