A source from a Chinese PET producer reported to SSESSMENTS.COM on adjusting down local prices and having better sales. At the moment, the latest offers for PET Bottle from the producer’s end lowered by CNY100/ton ($14/ton) compared to last week’s level as driven by the drop in monomer prices. The source mentioned that sales from the company’s end are going good as of recent. Most converters have started to replenish their stocks for the upcoming summer production as the weather in China has become warmer, especially in the Southern part.
Further added to SSESSMENTS.COM, market talks have it that another Chinese PET producer sold cargoes at CNY5,000/ton ($624/ton) on cash, EXW China basis and including 13% VAT; which is quite lower than the producer’s offers. More added, another drop in crude oil prices last night has left no significant clout as the market already absorbed the impact since the last time the crude oil prices fell into negative territory.
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