Firmer import PET prices push buyers to source locally in SEA
Some regional players reported that the recent gains in import prices have caused some buyers to turn to their domestic markets in search of more competitive offers.
An Indonesian converter who received an offer for Chinese PET at $895/ton CIF commented, "We find offers for Chinese PET to be quite high and therefore we are planning to make our next purchase from the local market.”
A converter operating in Vietnam reported receiving offers for Thai material at $950-980/ton CIF, cash. "We think that import prices are too high to accept as we are able to secure cargoes from the local market at $910/ton ex-warehouse at the moment. We feel that the recent rapid upward movements in prices may start to slacken by mid-April,” he opined.
Inside the region’s local markets, PET prices tracked a stable to firmer trend on a weekly basis. A source from an Indonesian producer reported that they are currently offering to the domestic market at $920/ton FD, cash, adding, "We believe that our current prices are workable and we may issue some additional increases in the coming week. However, we are concerned that buyers may resist further hikes.”
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