Players: PET prices edge up on firmer crude in China
A trader based in Shanghai reported that local PET prices firmed up around CNY100-200/ton ($16-32/ton) week over week. He said, “No deals have been reported at the new higher levels. However, we think that prices will remain at these new levels unless crude oil prices post fresh decreases.” The trader currently offers local PET at CNY6500-6600/ton ex-warehouse China, cash including VAT ($904-918/ton without VAT).
A second trader in Shanghai also stated that local producers firmed up their domestic and export PET offers on the back of increasing crude oil costs. The trader commented, “There may not be any further price adjustments, even if crude oil prices decline again, as most players will leave their desks for holidays soon. We expect demand to show some real improvement by mid March.”
A bottle manufacturer stated, “We are glad to have made some purchases last week as a local producer increased their prices by CNY150/ton ($24/ton) owing to firmer crude oil costs. We are not planning to make any large scale purchases for now as we will wait until after the Chinese New Year holidays.”
In China, export PET prices currently stand in the range of $860-910/ton on an FOB, cash equivalent basis. According to ChemOrbis Price Index, the range represents week over week increases of $10-20/ton. Local prices, meanwhile, stand at CNY6400-6600/ton ex-warehouse China, cash equivalent basis inc VAT ($890-918/ton without VAT).
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