Unpredictable crude oil price movement leaves China PET prices to fluctuate swiftly and traders facing uncertainty as a result of offers changing by hourly basis. A China-based trader informed SSESSMENTS.COM that the prices are moving too fast, as export offers on FOB basis by Thursday afternoon were higher by $10/ton than in the morning due to the rebound in crude oil prices. This movement established the price range between $850-855/ton on LC at sight, FOB China basis. Earlier this week, the price was at $870/ton but dropped further before the rebound.
Meanwhile, the demand for PET in the local market reportedly better compared to last week, SSESSMENTS.COM was told. As local prices have touched a new threshold level of CNY5,000/ton by Wednesday, April 1, the buying sentiment improved slightly and buyers were more willing to purchase materials. However, this unforeseeable movement leaves players to closely monitor the market to see if the crude oil price rebound is going to sustain for a long time or not as uncertainties pile up.
