PET prices edge lower in China despite upcoming high season
A source from a local producer reported that export PET prices retreated around $10-30/ton while local offers above the CNY7000/ton ($974/ton without VAT) threshold have mostly disappeared from the market. The producer currently offers export PET at $930-950/ton FOB, cash while their local prices stand at CNY6900-7000/ton ex-warehouse China, cash including VAT ($960-974/ton without VAT).
“Spot paraxylene prices have recently witnessed significant losses as most PTA producers are trying to sell their PX stocks to the spot market due to their high supply levels for this product. PET demand is stagnant as buyers had previously secured sufficient cargoes and are not in a hurry to replenish now,” the source commented.
A converter in the beverage sector reported that they purchased some PET from the local market at CNY6700/ton ex-warehouse, cash inc VAT ($932/ton without VAT). He attributed the recent decreases to the fact that most buyers have sufficient stocks thanks to their previous purchases. “Local demand is sluggish as buyers with sufficient stocks are monitoring the market and taking a cautious stance amidst softening upstream costs,” he stated.
A Shanghai based trader added, “Local PET prices have already fallen below the CNY7000/ton ($974/ton without VAT) threshold in the face of slower demand. We are facing difficulties in concluding deals and are only able to sell to our regular customers. For the near term, we are not feeling optimistic regarding demand.”
In China, export PET prices are currently reported at $930-960/ton FOB, cash equivalent while local prices stand at CNY6700-7000/ton ex-warehouse, cash including VAT ($932-974/ton without VAT).
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