SSESSMENTS.COM noted that import PET Bottle offers to Vietnam were adjusted down twice within a day, in response to a huge decline in crude oil prices. As noted, on April 21, a Vietnamese trader reduced offers for import PET Bottle offers of Indonesia origin twice. In the morning of April 21, Indonesian and Thai PET Bottle offers surfaced with a downward adjustment of $10/ton compared to last Thursday, April 16. Likewise, a slight reduction of $5/ton was applied to import PET Bottle offers from China as compared to the same period.
Based on the data collected by SSESSMENTS.COM in the afternoon April 21, the trader made a second price reduction on import PET Bottle offers of Indonesia origin by $20/ton from the level available in the morning. The latest import PET offers of Indonesia origin stand at $730-735/ton on LC at sight, CIF Vietnam port basis. More added, no stock available for Chinese PET cargoes since a lot of allocation has been sold out in China market.
A huge decline in crude oil prices by April 20 settlement cited as the main reason behind the adjustments made by the Vietnamese trader. As SSESSMENTS.COM noted, May 2020 U.S West Texas Intermediate (WTI) contract collapsed to below $0/barrel, for the first time in history. On Monday, April 20, the U.S WTI dropped by $55.90/barrel or 306%, settled at minus $37.63/barrel, as desperate traders paid to get rid of oil.
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