A Chinese producer informs SSESSMENTS.COM about the latest offers for domestic PET Cargoes. According to the source, offer for PET Bottles are between CNY5,350-5,400/ton ($666-673/ton) with deals secured at the initial price.
Although the market is in positive sentiment, the producer highlighted that there is no price gap between the South China and East China markets compared to the same period last year. Usually, during the traditional peak season, hot weather encourages more consumption to occur in the South, however, the COVID-19 pandemic causes a loss of this trait. The impact endures in the downstream factories, which have decreased production volume, SSESSMENTS.COM told.
Saying so, the market and price can still move up because upstream supply remains relatively tight, the producer said to SSESSMENTS.COM. In addition, future PET prices will also be determined by the adjustment of raw materials price of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG).
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