The Current State Of Demand To Drag PET Prices In Vietnam
- Local PET Bottle offers decreased by VND1,600,000/ton ($68/ton) compared to two weeks ago
- Import PET Bottle of China and Indonesia origin captured stable
- Converters reduced the operating rate to 60%
According to the information provided by Vietnamese market players to SSESSMENTS.COM, the current weak demand would drag down further the PET prices. In the domestic market, offers for PET Bottle stood between VND23,800,000-24,000,000/ton ($1,020-1,028/ton) on cash, FD Vietnam basis and including 10% VAT. On a fortnight comparison, the offers received by converters edged lower by VND1,600,000/ton ($68/ton). Some deals were successfully concluded at the same level as the initial offer for a small quantity. In the import market, PET Bottle offers of China and Indonesia origin captured stable from a week earlier. For Chinese cargoes, buyers’ bids at $820/ton on LC at sight, CIF Vietnam main port basis were rejected by the trader as such level is unworkable.
Market players stated to SSESSMENTS.COM that buying sentiment in the country remains sluggish. The prominent reason for the weak demand is sluggish demand for the converters’ finished products. As a result, some converters in Vietnam had to reduce their operating rate to around 60% of the normal capacity. No supply issues reported in the country.
The majority of market players contacted by SSESSMENTS.COM opined that nowadays, the PET Bottle market is hard to predict. However, with an unstable market as of recent, players believe that local prices would decrease further to around VND23,000,000/ton-level ($985/ton). Meanwhile, the demand would remain weak until December.
Tags: Asia Pacific,English,EN PET VIETNAM WSS,Polyethylene Terephthalate (PET),Southeast Asia,Vietnam,WeeklySSESSMENTS PET prices,Vietnam PET pricesPublished on October 11, 2019 8:33 PM (GMT+8)
Last Updated on January 14, 2020 7:43 AM (GMT+8)