SSESSMENTS.COM was informed that a Chinese trader applied limited adjustment on export PET Bottle offers in anticipation of firm bids from buyers following crude oil prices crash. After the crude oil prices crash into negative territory on April 20, the offers for export PET Bottle from the Chinese trader were only adjusted down by $10-15/ton on the high-end of the price range available last week. While for the low-end of the price range, the offers remain stable from last week. The trader decided to adjust the offers slightly in anticipation of firm bids from buyers following the crude oil prices slump. The trader opined that with the price range between $650-665/ton on FOB China basis, the deals might be concluded at $5-20/ton lower.
As stated to SSESSMENTS.COM, buyers from the export market are showing cold response as the Coronavirus pandemic is still looming over the market. While in the domestic market, the demand is still ongoing, although buyers remain cautious in making procurements considering the volatile crude oil and monomer prices. “For the outlook, we are unable to predict the movement at the moment as the market has moved in an uncertain way,” the trader added.
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