Softening in European PET market becomes visible on low season
The fading demand amid low season as well as stable to softer expectations for October PX settlements have reinforced the downward trend despite strong crude oil prices.
According to ChemOrbis Price Index, spot PET prices in Italy started to gradually move south by the second week of September after reaching their highest levels not seen in around six and a half year.
A buyer confirmed decreases of up to €50/ton in the spot market and added, “As the market reached multi-year highs, a decrease in PET prices was inevitable. We expect to see further declines since PET consumption is lower than before. Moreover, increasing use of R-PET as well as anti-plastic campaigns are likely to reduce prime PET consumption further in 2019.”
In Italy and Northwest Europe, the overall spot PET ranges were reported at €1300-1400/ton FD, 60 days. In import markets, meanwhile, Chinese and South Korean PET were dealt at €1210-1250/ton DDP, 60 days.
As for imports, players question whether they will retain their competitiveness or not with their focus on the Chinese PET market. Export prices out of China is yet to post any major changes following the holiday amid voices of a possibly firmer pricing policy among PET producers.
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