Indonesian producer issues further hike on local PET prices
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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