PET Prices In Vietnam Move As Expected, Done Deals Captured In The Local And Import Market
- Local PET Bottle offers decreased by VND300,000/ton ($12.8/ton)
- Imported cargoes of China and Indonesia origin moved down by $20/ton
- Import PET prices should be stable at $850/ton-level
Last week, most buyers expected PET prices to decrease. Hence, as PET prices in Vietnam move as expected this week, some done deals captured in the local and import market. According to the data collected by SSESSMENTS.COM, offers for PET Bottle in the local market reportedly down by VND300,000/ton ($12.8/ton) compared to the prior week. For local offers in USD denomination, deals captured at $900/ton on cash, FD Vietnam basis, and excluding 10% VAT. In the import market, offers for Taiwanese PET Bottle cargoes were stable from last week. Whereas for PET Bottle of China and Indonesia origin, offers decreased by $20/ton compared to a week earlier. Deals for both cargoes were concluded between $15-20/ton and $20-25/ton lower, respectively, compared to the initial offer levels.
Overall, demand for PET in the Vietnam market remains soft, despite some done deals concluded this week. SSESSMENTS.COM’s team was noted that several factors, such as sufficient inventory on hand, slow sales for finished products, and campaign to reduce plastic bottles have dampened demand for PET resins. On the supply front, no issues reported in the domestic market at the moment.
In terms of outlook, Vietnamese market players opined to SSESSMENTS.COM that import PET prices should be stable at $850/ton-level in the near-term. Pertaining to demand, market players believe that it would remain stagnant or even weaken due to the campaign to reduce plastic bottles.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on October 18, 2019 7:28 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)