Chinese PET Market Worsened By Weather Factor
- Local PET Bottle offers are stable to decrease
- Demand from the local and export market is sluggish
- PET price is predicted to move lower, in line with the state of demand
Chinese market players informed SSESSMENTS.COM that the current PET market is worsened because of the cold weather. In the domestic market, the offers for local PET Bottle are recorded stable to a slight decrease between CNY50-100/ton ($7-14/ton) compared to a week earlier. Some sellers decided to keep the offers stable as the company has no inventory pressure. While in the export market, the offers for Chinese PET Bottle are kept stable over the week. The offers are available between $810-840/ton on LC at sight, FOB China basis.
Demand in the local market is weakening as the weather is getting colder day by day. The demand from the export market also slowed down and the deals concluded from both markets remain limited. Sources added to SSESSMENTS.COM that most buyers are currently in a wait-and-see stance as buyers prefer to keep lean inventory approaching the end of the year. On the production side, Zhejiang Wankai is considering to conduct maintenance shutdown at the company’s PET plant in December. Currently, the plant is running at 70% from the normal operating rate and it will be decreased gradually following the demand.
Looking ahead, market sources opined to SSESSMENTS.COM that PET prices will most likely decrease further following the demand. While other sources predict that PET price will follow the movement of PTA and MEG cost.
Tags: Asia Pacific,China,English,EN PET CHINA WSS,Northeast Asia,Polyethylene Terephthalate (PET),WeeklySSESSMENTS China PET prices,PET pricesPublished on November 22, 2019 8:00 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)