Local PET prices see fresh drops in Indonesia
A source from a local producer reported that they reduced their local PET prices in order to revive buying interest. The source stated, “Buyers are delaying their purchases in anticipation of seeing additional decreases. We are open to negotiations on our current offers even after our most recent reductions. We think that local prices may see further drops as Chinese and Indian materials are being offered at quite competitive levels in the import market.” The producer’s offers are currently standing at $990-1020/ton FD, cash.
A converter reported that they purchased some local PET cargoes from the same producer at $985/ton FD Indonesia, cash. “We made a small scale purchase to cover our urgent needs from the producer, who was open to negotiations for further discounts depending on our purchase volume. Demand is slower compared to last month while the Indonesian rupiah keeps depreciating against the US dollar. We expect to see additional decreases in the coming days,” the buyer commented.
In Indonesia, local PET prices are currently reported at a range of $985-1030/ton on an FD, cash equivalent basis. According to ChemOrbis Price Index, this range shows decreases of $20-45/ton when compared to last week.
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