Vietnamese PET Prices Showed The Same Trend, Players Voiced Out Possibility For Further Adjustment
- Overall PET Bottle offers captured on a downtrend
- A local converter cut the operating rate by 50%
- Players voiced out a possibility for PET prices to decrease further
SSESSMENTS.COM captured movement on Vietnamese PET prices that were showing the same trend since last week, while players voiced out a possibility for further downward adjustments. On the week commencing October 28, overall offers for PET Bottle in the country reported on a downtrend. In the local market, PET Bottle offers dropped between VND100,000-300,000/ton ($4.2-12.8/ton) compared to a week earlier. In the import market, offers for Indonesian PET Bottle offers slipped by $15/ton. Similarly, offers for PET Bottle of China origin edged lower by $5/ton. All prices were on a weekly comparison. Whereas offers for Thailand cargoes surfaced between $875-880/ton on LC at sight, CIF Vietnam main port basis, no weekly comparison, as there were no offers from Thailand available last week. To date, done deals in the local and import market captured at the initial level to slightly lower between $10-15/ton, respectively.
Demand-wise, SSESSMENTS.COM was told that since the last few weeks, buying activities in Vietnam remain quiet. Sufficient inventory on hand and slow-sales for finished products are the prominent reasons for sluggish demand for PET resins. Owing to the slow sales for the end-products, one of the local converters had to reduce the company’s operating rate by 50% of the normal output. In terms of supply, there is no significant issue reported in the country.
Looking ahead, the majority of market players opined to SSESSMENTS.COM that demand for PET in the domestic market will stagnant or even worse, as there is no sign for the demand to pick-up yet. Regarding the prices, players foresee a possibility for PET prices to decrease further due to the weak demand.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on November 1, 2019 9:02 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)