China’s PET Price Trend Sustained, Done Deals Remain Scarce
- Local and export PET Bottle offers captured mostly stable
- Demand is sluggish as Lunar New Year holiday is drawing nearer
- PET prices expected to stable in the near term
Following the relatively stable feedstock costs, China’s PET price continued a stable trend from last week; however, done deals remain scarce. For the week commencing January 13, most local offers for PET Bottle from traders and one of the local PET producers reported stable. These sellers decided to maintain the offers firm as supported by the stable PTA and MEG costs. However, another PET producer in the country has slightly adjusted down its offers by CNY50/ton ($7/ton). Similarly, the producer trimmed offers to the export market by $20/ton. Meanwhile, other sellers decided to roll over their export offers. SSESSMENTS.COM noted that all offers on a weekly comparison.
Demand-wise, sales for PET Bottle in the China market reported sluggish. SSESSMENTS.COM was told that most buyers are on a muted-mode as the Lunar New Year holiday is just around the corner. Done deals reported scarce this week as most buyers are becoming more cautious due to volatile PET prices. Additionally, the shipment for any transactions concluded to the export market this week could only be arranged in February or after the holiday. There are no significant supply issues reported at the moment.
Pertaining to the outlook, Chinese market players contacted by SSESSMENTS.COM opined that PET prices should remain stable onward unless there are significant changes in monomer prices. Meanwhile, market activities will turn to be quiet by next week due to the Lunar New Year holiday.
Tags: Asia Pacific,China,English,EN PET CHINA WSS,Northeast Asia,Polyethylene Terephthalate (PET),WeeklySSESSMENTS China PET market,China PET prices,PET pricesPublished on January 17, 2020 11:16 PM (GMT+8)
Last Updated on January 20, 2020 7:03 PM (GMT+8)