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NewsSSESSMENTS: Chinese PET Producer Adjusted Local And Export Offers, Disclosed Domestic Supply Issue

Author: SSESSMENTS

A Chinese PET producer adjusted local and export offers for this week, SSESSMENTS.COM was told. As reported, both local and export PET prices did not change much from a week earlier. Compared to last week, the producer adjusted up offers by CNY50/ton ($7/ton) for local market and up by $10/ton for the export market. The producer disclosed that due to the ongoing outbreak in many of their export destination countries, sales are still relatively slow. As in the past, their export volume was 40-50% of their total productions, but since the outbreak, it only accounts around 20-30%. This week, the producer still sees healthy demand in the local market, but customers prefer prompt to forward delivery amid the uncertainties in market direction.

Speaking of the production sector, the producer mentioned some problems at other Chinese PET producers’ plants. Market talks have it that Jiangyin Chengold Packaging Materials’ two PET lines remain shut for maintenance and the company is reportedly having difficulties to fund the maintenance work. The producer also heard that Far Eastern Industries’ 400.000 tons/year PET plant also remains shut following an explosion occurred on April 17. The plant restoration was scheduled for about one and a half months since then, SSESSMENTS.COM noted. Upstream-wise, in the near term, supply will still be tight and this condition is predicted to support the prices.

Click below to view related stories and content on the China PET market:

WeeklysSSESSMENTS: China PET Prices Week Starting May 11

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NewsSSESSMENTS: China's Jiangyin Chengold Packaging Materials Halted Production At PET Lines

MonthlySSESSMENTS: April China PET Prices

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Local PET Bottle offers on cash, EXW China basis (included 13% VAT in CNY term, exclude VAT in USD term)

OriginTransaction TypeOffers (CNY/ton)Equivalent in USD/ton
ChinaOffer Given5,350-5,400667-673

Export PET Bottle offers on LC at sight, FOB China Main Port basis

OriginTransaction TypeOffers (USD/ton)
ChinaOffer Given700-710

Tags: Asia Pacific,China,English,News,PET

Published on May 15, 2020 2:15 PM (GMT+8)
Last Updated on May 15, 2020 2:15 PM (GMT+8)