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PET bottle plateaus amid faltering cost support in Italy and West Europe

by Manolya Tufan - mtufan@chemorbis.com
  • 17/11/2023 (15:34)
Regional PET bottle markets mostly stabilized at a 5-month high in October after rising for the past three months. Despite slight hike requests seen early in the month, sellers revised their offers down to rollovers in November amid faltering cost support and low bottle season.

Nov PX, MEG contracts yet to settle

Spot PET bottle prices were last assessed at €1060-1130/ton FD, 60 days as mostly rollovers passed on November deals, barring small hikes of €10/ton in some cases. This was driven by faltering support from upstream markets, where October PX settlements indicated €50/ton drops. Meanwhile, November PX and MEG settlements were still pending amid bearish expectations.

PET sellers sustained their offers despite weak demand and volatile upstream markets, pointing to their tight margins and lower run rates. Buyers avoided building stocks amid low bottle season, while cosmetics and pharmaceutical sectors fared a tad better than the food packaging industry.

Imports lose competitiveness, buyers favor local market

Import prices below the €1000/ton CIF level were more frequently heard in line with the insufficient support from upstream markets and lower export prices in Asia. However, these offers did not grab interest due to their lack of competitiveness amid long lead times and higher transportation costs. Some sellers reported seeing better buying activity due to the waning interest for imported material.

Turkish and Egyptian materials were sold given their proximity advantage when compared to Asian origins. Accordingly, done deals stood at €1020-1030/ton DDP Italy, 60 days.

When it comes to Chinese PET, the European Commission decided to impose provisional anti-dumping duties on imports of certain grades. The news followed an investigation that started in March 2023. Sellers concurred on the fact that official anti-dumping duties will be introduced in late May 2024. This would erase this origin from the European market, while other origins particularly Vietnam will be bridging the gap left by China’s absence.
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