PET prices see fresh hikes in China, SE Asia
In Asia, spot PTA prices have increased by around $35/ton when compared to early July while spot MEG prices witnessed a gain of $50/ton over the same period.
A Taiwanese PET producer lifted its export offers by $10-15/ton from last week to $960-970/ton FOB, cash. “We raised our prices due to firmer costs. We are feeling free from sales pressure nowadays as several regional producers have already sold out their July allocations,” a producer source noted.
A Chinese producer commented, “PET prices are currently supported by higher upstream costs. However, export demand might start to slow down in August in line with the approaching low season.”
A Malaysian producer applied an increase of $20/ton on its PET offers to regional markets, bringing their new prices to $1000/ton CIF SEA, cash. A bottle manufacturer in Malaysia commented, “We are receiving higher PET offers from both local and import suppliers nowadays. We think that the warm weather in China is boosting the sentiment while firming costs are supporting this scene.”
The overall range for export PET offers from China is currently quoted at $930-960/ton FOB, cash, indicating increases of $15-20/ton from last week. As for local prices in China, they are also up by around $20-40/ton on the week.
In Southeast Asia, the overall range for import PET prices climbed by $20/ton on the high end to be reported at $930-1000/ton CIF, cash.
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