PET prices firm up after holidays in China
A source from a local producer reported that they raised their export and domestic PET prices following the end of the Chinese New Year holidays to $980/ton FOB, cash and to CNY7200-7300/ton ex-warehouse China, cash including VAT ($1002-1016/ton without VAT). He stated, “The PET market has started the post-holiday period on a strong note as firm costs support higher prices. However, nobody is feeling confident regarding the near term outlook as crude oil prices continue to fluctuate. We may have a clearer picture next week, depending on the supply and demand situation.” The producer’s new prices indicate increases of $80-90/ton for exports and CNY500-600/ton ($80-96/ton) for the domestic market when compared to their initial February levels.
A trader in the Philippines reported that they received an offer for Chinese PET at $980-1000/ton FOB China, cash basis. “We are taking a cautious stance as we are not sure how long the current firming trend is going to last,” he said.
A bottle manufacturer reported receiving firmer local PET prices at CNY7200-7300/ton ex-warehouse China, cash inc VAT ($1002-1016/ton without VAT). He commented, “Local prices increased around CNY400-600/ton ($64-96/ton) when compared to the pre-holiday levels while offers below the CNY7000/ton threshold ($988/ton without VAT) have disappeared from the market. We fortunately secured sufficient cargoes before the holidays and we are now adopting a wait and see attitude towards the market.”
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