PET prices move higher in SE Asia, China’s firming falters
A Taiwanese PET producer lifted its export offers by $20/ton from last week to $1050/ton FOB, cash. He said, “We see good demand from Japan and the US and our October quota is almost sold out. More Japanese buyers are placing inquiries nowadays as they are not interested in Chinese cargoes anymore due to the provisional anti-dumping duty. Meanwhile, demand from the US is better as overall supplies have diminished there after Harvey Hurricane.” The producer reminded that the US also applies a high anti-dumping duty on Chinese PET.
A converter in Vietnam received $20/ton higher PET offers from last week at $1100/ton CIF, cash for South Korean and Thai origins and at $1080/ton with the same terms for a Malaysian origin. A trader in the country noted, “Chinese PET offers remain stable from last week while Thai PET increased by $20/ton. However, demand remains thin in Vietnam.”
A source from a PET producer in Indonesia commented, “We lifted our local offers from last week in line with firmer upstream costs. Demand, however, is quite bad in the domestic market.”
A Thai converter said, “We received a THB2000/ton ($60/ton) higher offer from a local producer as upstream costs increased further.”
In Southeast Asia, the overall range for import PET prices currently stands at $1010-1100/ton CIF, cash.
In China, however, local PET prices witnessed some downward corrections this week after four months of consecutive increases. “Local prices were slightly revised down as demand has started to fade ahead of the approaching National Day holiday and the end of the high season,” traders said.
Export PET prices from China were mostly unchanged at $1000-1020/ton FOB, cash. A Chinese producer commented, “We kept our export offers stable at $1020/ton FOB despite the recent increases in global markets in the midst of supply issues in Europe and the US. Chinese PET suppliers’ market share has diminished across the globe following the implementation of some anti-dumping duties. In the local market, buyers have also started to limit their purchases to their urgent needs as the high season is about to end.”
In the upstream markets, spot MEG prices increased by $10-15/ton on a weekly basis to be currently reported at around $940/ton CFR China.
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