Vietnamese Market Players Question The Bottom Of PET Prices
- Local and import PET Bottle prices at lower levels compared to last week
- Buyers were not interested in making inquiries
- Further decreases are expected to occur as sellers will face sales pressure
Vietnamese market players contacted by SSESSMENTS.COM question the bottom of PET prices as this week, the local PET prices decreased further by VND200,000/ton ($8.5/ton) from last week’s levels. The offers stand between VND21,800,000-22,000,000/ton ($937-946/ton) on cash, FD Vietnam basis and including 10% VAT. Similarly, import PET Bottle offers from China and Taiwan also remain on a downtrend. Offers for PET Bottle cargoes of China origin dropped by $10/ton compared to a week ago. Offers from a Taiwanese PET producer were adjusted down by $5/ton compared to the same period while another Taiwanese PET producer applied a decrease of $15/ton compared to two weeks ago. Offers from the second Taiwanese PET producer was the lowest offers in the Vietnam market this week, at $805/ton on LC at sight, CIF Main Port basis. As for Thailand and Indonesia origin, offers were stable from last week.
PET demand in Vietnam is unchanged compared to last week, still weak in line with the demand of the end-products. SSESSMENTS.COM was informed that buyers are not interested in making inquiries due to the consistent downtrend in prices. Converters reduced the operating rate by up to 50% of the normal rate. No supply issues were reported.
Market players told SSESSMENTS.COM that possibilities for further decreases in PET Bottle prices are still high because no sign of improvements in demand is seen so far. Moreover, nearing the year-end, some sellers will face sales pressure. Therefore, the sellers will try to move out cargoes aggressively by offering at lower levels.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on December 6, 2019 10:15 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)