Noted Signs Of Recovery, Chinese PET Market Players Confident On Positive Outlook
- Local PET prices stable to slightly firmer, export offers captured stable over the week
- Trading activities have slightly increased
- Chinese PET market players express a positive outlook
Chinese PET market players confident on the positive outlook in the near time as the sign of recovery is seen in the market. Over the week, SSESSMENTS.COM noted that offers for local PET Bottle were mostly stable. However, a producer increased the local offers between CNY50-100/ton ($7-14/ton) from last week citing that PTA and MEG prices are slightly firmer this week. To the export market, most of the producers maintained the offers unchanged from last week’s levels. One of the Chinese producers managed to conclude deals to India at the initial level at $790-800/ton on LC at sight, FOB China basis. The producer mentioned that their Indian customers were actively procuring some materials as such a level was deemed competitive.
Demand for PET resins in China market has slightly increased as some big manufacturers have resumed production activities. While to the export market, transactions remain limited, particularly to Southeast Asia and India market. Southeast Asian customers are still on a cautious stance and not keen to procure materials. To India market, some Chinese producers were facing difficulties in concluding deals as the local producers have made price reductions by the end of last week. On the logistics sector, SSESSMENTS.COM was informed that logistical constraints within the province are no longer exist. However, the government is still implementing inter-provincial travel restrictions. On the production front, Guangdong IVL PET Polymer Co Ltd is currently running at 90% from normal capacity.
Looking ahead, most of Chinese PET market players express a positive outlook for domestic demand as trading activities are expected to more active from now onwards. Likewise, the better demand would provide some support for PET Bottle prices to remain stable or even firmer in the days to come, SSESSMENTS.COM was told.
*Sold to India
Tags: Asia Pacific,China,English,EN PET CHINA WSS,Northeast Asia,Polyethylene Terephthalate (PET),WeeklySSESSMENTS China PET prices,PET pricesPublished on February 21, 2020 8:59 PM (GMT+8)
Last Updated on February 21, 2020 9:29 PM (GMT+8)