Southeast Asia’s import PET market tracks falling MEG
by ChemOrbis Editorial Team - content@chemorbis.com
Following the shift in sentiment in Southeast Asia’s import PET market last week, prices have moved further down this week mainly due to decreasing MEG prices. Players also blamed slow demand throughout the region during the high season for PET for the weekly loss.
Spot MEG prices on CFR China basis are currently standing around $150/ton lower from early February levels, since when they have been witnessing weekly decreases.
A Chinese trader who offers Chinese PET bottle to the region at $1020/ton CIF, cash commented, “Prices posted slight drops again this week due to weaker monomers, particularly MEG prices. Demand, meanwhile, is not so good in the export markets.”
An Indonesian trader reported purchasing Chinese PET bottle at $1020/ton CIF after negotiations and opined “We still find the current done deal level too high to accept, but we had to buy as our inventories are running low. Demand traditionally witnesses an uptick at this time of the year, but this has not been the case this year.”
Data from ChemOrbis Price Index also shows that, weekly average prices for import PET in Southeast Asia remained soft after hitting their highest levels since early June 2015 in mid-February 2017.
Source: ChemOrbis Price Index
Spot MEG prices on CFR China basis are currently standing around $150/ton lower from early February levels, since when they have been witnessing weekly decreases.
A Chinese trader who offers Chinese PET bottle to the region at $1020/ton CIF, cash commented, “Prices posted slight drops again this week due to weaker monomers, particularly MEG prices. Demand, meanwhile, is not so good in the export markets.”
An Indonesian trader reported purchasing Chinese PET bottle at $1020/ton CIF after negotiations and opined “We still find the current done deal level too high to accept, but we had to buy as our inventories are running low. Demand traditionally witnesses an uptick at this time of the year, but this has not been the case this year.”
Data from ChemOrbis Price Index also shows that, weekly average prices for import PET in Southeast Asia remained soft after hitting their highest levels since early June 2015 in mid-February 2017.
Source: ChemOrbis Price Index
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe
