Southeast Asia’s import PET market hits 4 month-high
In Asia, spot MEG prices are currently standing around $50/ton higher when compared to early July while PTA prices also posted a $40/ton increase within the same period.
Data from ChemOrbis Price Index shows that import PET prices on a weekly average basis have reached their highest levels since the second half of March, after posting increases for three consecutive weeks.
A source from a Chinese producer reported that their offers to the region increased by $30/ton from two weeks ago and attributed this to higher feedstock costs.
A buyer operating in the Vietnamese market noted, “We are planning to make some PET purchases nowadays since both MEG and PTA prices have raised a lot recently.”
A converter in Indonesia also commented, “We expect PET prices to sustain the current firming trend in the days ahead with the support of upstream and crude oil.”
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