PET demand in Indonesia remains slow after Eid holidays
A local producer commented, “We have started to give offers to some specific customers in the local market, though in small quantities as current inventory levels are quite low due to the export obligations. We take a firm stance on our prices and decided not to give offers to the major companies since they would ask for discounts for larger amounts. On the other hand, demand remains slow even after the long holiday.”
Players also reported that a second PET producer in Indonesia was planning to undergo a maintenance shutdown in August.
An end product manufacturer said, “Local supplies are limited but we find local PET prices too high when compared with the costs of the Chinese cargoes in the import market. Considering that importing Chinese materials is more competitive, we are not planning to buy from the local market now.”
Local PET prices in Indonesia posted some modest decreases to be reported at IDR12,850,000-13,250,000/ton ($976-1006/ton) ex-warehouse cash not inc VAT. This was in line with the slightly softer sentiment in other Southeast Asian countries.
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