A Chinese PET producer contacted by SSESSMENTS.COM’s team shared an optimistic outlook as more businesses in the export market are expected to reopen after the extended lockdowns or social restrictions. According to the Chinese producer, PET prices in June-July would be stable or even firmer on the back of an expectation of resumptions of more industries in other countries. Additionally, domestic PET resins demand is also predicted to continue to improve as the Chinese government has allowed schools to reopen.
Speaking of offers, the producer kept local and export offers unchanged from last week, taking into account the stable PTA and MEG prices. Overall, the current domestic demand remains healthy as it is still the high-season for PET in China, SSESSMENTS.COM was told. As such, the producer managed to close some deals at the initial offer level. To export market, the producer managed to sell some volume on CIF basis to India and Philippines market, with deals concluded at the initial offer levels as well. In Thailand, the producer’s offers could not compete with local cargoes as local offers remain competitive, while the Indonesia market is still quiet amid Eid Al-Fitr holiday week.
The producer also shared with SSESSMENTS.COM regarding recycled PET Bottle market. As informed, most Chinese producers sold recycled materials to Europe as there is a big concern on the environmental impact of plastic usage in this particular region. While in Asia, buyers still choose virgin over recycled PET Bottle. Regarding prices, offers for recycled materials is still higher than virgin resins due to the high production costs and limited availability.
Click below to view related stories and content on PET:
WeeklySSESSMENTS: China PET Prices Week Starting May 18
WeeklySSESSMENTS: SEA PET Prices Week Starting May 18
NewsSSESSMENTS: Indonesian Converter Discloses Preference In Purchasing PET Cargoes
NewsSSESSMENTS: Vietnamese Converter Nixing Latest Import PET Bottle Offers
