Local PET prices move lower in China
A bottle manufacturer commented, “Demand is not doing well in the local market as buyers are reluctant to build stocks ahead of the holidays. When compared to the recent years, the Chinese New Year holiday is to start earlier this year. The upcoming new capacities are also exerting pressure on the market.”
China’s Zhejiang Wankai is planning to launch its new PET line before the holiday starts. The new line has a production capacity of 550,000 tons/year.
Meanwhile, spot MEG prices surged by around $60/ton from a week earlier to reach $900-905/ton CFR China. When compared to early December, prices are up by $155/ton.
The overall range for local PET prices currently stands at CNY7850-8250/ton ($965-1015/ton without VAT) on an ex-warehouse China, cash including VAT basis.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Mid-Eastern PP, PE markets rise in February after three months of weakness
- Stats: China’s 2023 PE imports snap two-year downfall despite rapidly growing domestic capacities
- PE rally loses momentum on subsiding demand in Türkiye
- PVC prices flat for 2nd straight month in Italy and West Europe
- Freight rates snap rally, Red Sea crisis keeps decreases in check
- Worsening dollar shortage pushes Egypt’s local PP, PE prices to never-before-seen highs
- Stats: US PE exports hit a renewed record in 2023, sales to China boom
- Türkiye’s PP market continues to grapple with tight supply, prices at multi-month highs
- Margin expansion targets push Italy’s PE film markets to multi-month highs
- LDPE prices rise faster than other PP, PE products in India’s bullish market