Yearly Pattern Has Changed, PET Price Trend In Vietnam Prolonged
- Decreases on local PET offers
- Yearly pattern has changed, supporting factor vanished
- Chance for PET price to rebound is slim
Vietnamese PET market participants informed SSESSMENTS.COM that downtrend in PET price prolonged and the yearly pattern has changed. On a weekly comparison, offers for local PET Bottle in the Vietnam market has decreased between VND100,000-200,000/ton ($4.2-8.5/ton). While in the import market, offers for Taiwanese PET cargoes at $820/ton on LC at sight, CIF main port basis viewed competitive for the Vietnam market. However, buyers are still giving a cold shoulder.
The overall demand for PET Bottle remains subdued and the yearly pattern has changed. Based on the Vietnamese market participants’ statement to SSESSMENTS.COM, demand for the end products has been on the soft note since the beginning of the year. November to December is supposed to be the high season for PET on the back of the production for Tet Holiday (Vietnamese Lunar New Year) preparation. However, the yearly pattern does not take place this year since the slow economic growth has dampened buying appetite. On the production front, market talks have it that cargoes from a new PET plant of Billion Industrial Holding Group, or also known as Paihong Co., Ltd with a capacity of 200,000 tons/year are expected to enter the market in December 2019.
Looking ahead, as the traditional high season for PET Bottle in Vietnam market does not take place this year, market players stated to SSESSMENTS.COM that the room for PET prices to rebound is slim. Since the supporting factor has vanished, slow demand for PET is expected to prolong.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on November 22, 2019 8:29 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)