A Chinese PET producer told SSESSMENTS.COM that the company’s attempt to boost sales in the export market remains fruitless. The producer adjusted down export PET Bottle offers by $10/ton for two consecutive weeks, now at $680/ton on LC at sight, FOB China basis. However, such a level still could not attract buyers’ interest and the number of deals concluded remains limited.
The producer revealed to SSESSMENTS.COM that deals were only successfully concluded in the Vietnam market. Meanwhile, in the Philippines, India, Indonesia, and Thailand market, no single deal was achieved. The volume of PET Bottle cargoes sold to the Vietnam market was small and the deal level was considered low, at $680/ton on LC at sight, CIF Vietnam main port basis. The producer had to sell at that level since local PET Bottle offers in Vietnam are competitive and the new PET producer in the country is very aggressive.
In the domestic market, the producer maintained offers stable compared to last week and managed to clinch some deals at the initial offer level. The producer opined to SSESSMENTS.COM that demand for PET Bottle in China is quite good. Looking ahead, the producer believes that PET Bottle prices in China will be relatively stable.
