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Indonesian producer issues further hike on local PET prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/04/2015 (14:35)
A source from an Indonesian producer reported that they have implemented an additional increase on their local PET prices on the back of firmer upstream costs. The producer raised their local PET offers by $20/ton to $1150-1200/ton FD Indonesia, cash after implementing a hike of $100/ton at the start of the week.

The source commented, “Buyers were surprised by our additional hike. However, we believe that prices will continue to post increases over the near term as monomer supplies are limited.”

A converter stated, “We heard that the producer lifted their offers due to an explosion at Sinopec’s subsidiary Nanjing Yangzi Petrochemical’s complex.” Sinopec shut its 200,000 tons/year MEG and 600,000 tons/year PTA plants following the incident. The plants are expected to remain offline for several weeks.

Domestic PET prices currently stand at $1060-1200/ton FD Indonesia, cash equivalent basis.
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