A Chinese PET producer adjusted local and export offers for this week, SSESSMENTS.COM was told. As reported, both local and export PET prices did not change much from a week earlier. Compared to last week, the producer adjusted up offers by CNY50/ton ($7/ton) for local market and up by $10/ton for the export market. The producer disclosed that due to the ongoing outbreak in many of their export destination countries, sales are still relatively slow. As in the past, their export volume was 40-50% of their total productions, but since the outbreak, it only accounts around 20-30%. This week, the producer still sees healthy demand in the local market, but customers prefer prompt to forward delivery amid the uncertainties in market direction.
Speaking of the production sector, the producer mentioned some problems at other Chinese PET producers’ plants. Market talks have it that Jiangyin Chengold Packaging Materials’ two PET lines remain shut for maintenance and the company is reportedly having difficulties to fund the maintenance work. The producer also heard that Far Eastern Industries’ 400.000 tons/year PET plant also remains shut following an explosion occurred on April 17. The plant restoration was scheduled for about one and a half months since then, SSESSMENTS.COM noted. Upstream-wise, in the near term, supply will still be tight and this condition is predicted to support the prices.
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