Malaysian producer reduces PET prices
The producer reduced their local prices by MYR50/ton ($12/ton), bringing their new offers to MYR3750/ton ($889/ton) on an FD Malaysia, cash basis. For the regional market, they lowered their PET prices by $20/ton to $850/ton on a CIF Southeast Asia, cash basis.
The source commented, “We think that demand will not improve before the Chinese New Year holidays. We are now monitoring global economic developments including the OPEC meeting as well as US interest rates in order to gauge the market direction for the next year.”
In Southeast Asia, overall import PET prices are currently reported at $815-880/ton on a CIF SEA, cash equivalent basis.
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