Local PET markets across SE Asia hit multi-month lows
WTI (NYMEX) crude oil futures settled at $56.46/barrel on Friday, down by almost $20/barrel since when they hit a four-year high in early October.
In Thailand, local PET bottle prices have been tracking a softening trend since they reached a five-year high in around mid-September. Data from ChemOrbis Price Index suggest that the weekly average of local prices has plunged to a more than nine-month low. Persistently thin demand was blamed for the recent round of price cuts.
Malaysia’s local PET market has also witnessed consecutive decreases for the past five weeks in the face of disappointing demand. The market has reached its lowest level since late August.
A bottle manufacturer in Indonesia noted, “We were planning to secure some PET from the local market, yet we decided to delay our purchase given the recent slump in crude oil futures. We believe that PET prices might see further drops in the weeks to come.”
According to data from ChemOrbis Price Index, the weekly average of PET prices on FD Indonesia basis has hit its lowest level since mid-April.
In Vietnam’s local PET market, a few converters commented, “Prices have dropped significantly in the past couple of weeks. Hence we limit our purchases according to our urgent needs. Demand towards our end-products has been improving thanks to the approaching end of the year. Still, our customers are cautious about placing orders.”
ChemOrbis Price Index data indicate that Vietnam’s local PET market has also decreased to its lowest levels since February.
Meanwhile, import PET bottle prices to Southeast Asia have been following a bearish path since around mid-September and they have recently tumbled to a year-to-date low.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Post-holiday hikes carry China homo-PP market to 1-year high
- Asia PVC markets see longest rising streak ever on extreme tightness
- Africa polymers: October offers higher amid reduced availability
- Stable to softer PE trend prevails in Europe amid soft demand, poor netbacks
- Turkey’s PP and PE markets move up, but riddled with uncertainties
- India, SEA PVC markets unlikely to take respite from bullish run for November
- Southeast Asia PET markets move sideways during China’s absence
- Egypt’s import PE market up on tight supply, domestic offers follow suit
- Will European PS, ABS track divergent paths for another month?
- Turkey PP and PE regain premium over China, LDPE fails to make a sprint