A trader informed SSESSMENTS.COM that import PET offers to Vietnam adjusted by following trend in China despite unsupportive demand. Vietnam market PET price undergoes an upward trend. This week the company adjusted offers for import PET bottles from some producers, offers for Chinese cargoes are up by $20/ton, while PET bottles from Indonesia and Thailand origin up by $10/ton.
However, delivery from China will only be available on the end of May until June, while from Indonesia and Thailand, the shipment will be available earliest by the end of this month. The company also concluded Thai PET cargoes at $750/ton, LC at sight, CIF Ho Chi Minh port basis but only for small quantity. The company confides SSESSMENTS.COM that in the meantime, strong demand in China leads to traders not having cargoes on hand. Even though the operation rate at Chinese producers’ plants are already at a normal rate, as local orders keep coming in the producers are constantly running inventory. This condition leads to PET price hike in China and delayed cargoes for the export market.
On the demand front, the source commented to SSESSMENTS.COM that domestic demand in Vietnam is even slower than last week. In the previous week, some buyers still made procurement and the company sold a substantial volume, but for this week buyers only made contact to check the price level. Most suppliers have also raised PET prices, however, with import cargoes are already flooding the Vietnam market as other countries are unable to absorb the material due to Coronavirus issues and lockdowns, buyers adopt a wait and see stance. In the domestic market, offers for local PET cargoes are also heard to have increased, but the trader believes that the upward trend is not going to last long as the fundamental demand isn’t strong.
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