A Chinese PET producer contacted by SSESSMENTS.COM is unbothered to adjust its export offers although monomer prices are moving lower. As compared to last week, PTA and MEG prices have decreased by CNY200/ton ($28/ton) and between CNY100-200/ton ($14-28/ton), respectively. Due to the decreases in the monomers prices, the producer decided to reduce PET Bottle offers in the local market by CNY100/ton ($14/ton) during the same timeframe. However, the producer is unbothered to adjust the export offers since the adjustment in the domestic market is deemed insignificant. Besides, some buyers in the export market currently prefer to source locally. Hence, the producer found it unnecessary to adjust export offers for now.
Further added by the producer, there are limited offers in the market as of recent due to the rainy season. Besides, the downtrend in the monomer prices has pushed buyers to the sidelines in anticipation of lower prices. Likewise, subdued demand also reported from the export market; the producer has not achieved any single deal this week. The producer mentioned to SSESSMENTS.COM that the company is willing to sell to Indonesia at $680/ton on LC at sight, CIF main port basis if there are any serious buyers. However, Indonesian buyers have no intention to submit bids by far. There are no inquiries from the Philippines market as well. Buyers have been on mute for several weeks as most of them have secured some materials in the previous weeks. Subdued demand is also captured in India and Thailand market. In the days to come, the producer opined that a further reduction in PET prices remains in view considering the ample PTA supply and lower monomers costs.
