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Indonesia’s local PET market softens on fading demand

by ChemOrbis Editorial Team -
  • 30/05/2017 (12:45)
Players in Indonesia report that domestic PET bottle prices witnessed decreases at the start of the week as demand faded away in line with the start of Ramadan. On a weekly comparison, the overall range for local PET prices recorded decreases of around $10-26/ton.

A source from a domestic producer commented, “Despite the global firming trend, Indonesia’s local PET market fails to increase in the face of sluggish demand as trading activities are quite thin given the month of Ramadan. We hear that some suppliers are selling even below the IDR13,000,000/ton FD, cash threshold, yet we are not planning to apply further drops on our offers as buyers are already reluctant to make fresh purchases.”

The producer’s local PET offers currently stand at IDR13,200,000-13,500,000/ton ($988-1010/ton) on FD Indonesia, cash basis while they are offering to export outlets at $1050-1080/ton FOB, cash. “We are mostly exporting our material to Japan, where the prevailing price levels are higher when compared to Southeast Asia.”

A second local producer added, “Demand is fading due to the month of Ramadan in Indonesia. We are not giving any offers at the moment as buyers are not interested in replenishing their stocks.”
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