Sources: PET Prices In Vietnam Found Momentum Following Changes In Monomer Cost
- Local and import prices soared
- Demand remains on a soft note
- No supply issues reported
Market sources reported to SSESSMENTS.COM that PET prices in Vietnam found momentum following an uptrend in monomer cost last week. In the domestic market, a local producer initiated an upward adjustment of VND700,000/ton ($30/ton) compared to last week. The latest offers stand at VND22,500,000/ton ($965/ton) on cash, FD Ho Chi Minh basis and including 10% VAT. Meanwhile, deals were concluded at VND700,000/ton ($30/ton) lower than the initial offer level, which is similar to the level before the price adjustment. From the import market, offers for South Korea origin cargoes emerged in the market at $20/ton higher as compared to the previous week’s level in line with the upward momentum in PTA and MEG prices. Similarly, import offers of China, Indonesia, and Thailand origin via a trader surfaced with an increase of $30/ton from a week earlier. To date, no done deals concluded yet.
Despite uptrend in local and import prices, demand for PET Bottle in Vietnam remains on a bearish tone over the week. Currently, most buyers prefer to monitor for further market development and to stock up on an as-needed basis. Meanwhile, the number of inquiries for import cargoes has started picking up this week, but no done deals can be concluded yet. Further added, market volatility is cited as a factor pushing buyers to sidelines. In general, local converters noted that slow sales for the end-products owing to the national campaign to reduce plastic bottle consumption in Vietnam. On the supply side, no significant issues reported to SSESSMENTS.COM.
For the outlook, most market players in Vietnam remain unsure of the demand and price movement in the days to come due to market volatility, as stated to SSESSMENTS.COM.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on December 20, 2019 10:16 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)