Import PET surges further, hits €1300/ton threshold in Europe
The €60/ton higher August PX contract and still-limited PTA supplies helped sellers to sustain their firm stance and close their August deals €20/ton above July levels on average.
September expectations are also on the bullish side given the recent cost-driven hikes in the import market, according to many players. They concurred, “Demand has been good in August and we expect high temperatures to continue to keep buying activity healthy.”
A distributor in Switzerland opined, “There is some resistance to the €1400/ton level in the local market; yet, we think that buyers will eventually accept this level since import prices are rising.”
As for September PX contracts, meanwhile, PET players shared their expectations for increases ranging between €80/ton and €150/ton in the wake of strong spot gains. According to ChemOrbis Price Wizard, spot PX prices posted sharp increases of $260/ton on a weekly average since the latter part of July and prices have hit their highest levels not seen in the past 4 years.
In Italy and Northwest Europe, fresh import offers have emerged at €1280-1300/ton for Chinese cargos and at €1240-1265/ton for South Korean origins, all on DDP, 60 days basis. Meanwhile, spot PET offers in Europe were reported at €1360-1440/ton FD, 60 days.
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