An Indonesian PET producer informed SSESSMENTS.COM that the company is anticipating changes in market conditions amid COVID-19 and holiday mood. Offer for PET Bottle for this week maintained stable from last week at $750-760/ton on cash, FD Indonesia basis and excluding 10% VAT. The offer was pegged to response market conditions where many customers have already completed procurement for May ahead of the Eid Al-Fitr holiday.
With deals already limited from last week, the producer opined market is technically closed this week. Demand subsided week by week, the producer shared to SSESSMENTS.COM, with orders dominated by hygiene and medical sectors.
Small purchase volumes from medical sectors were exacerbated by the weak demand from food and beverage sector, with producers reporting that the operating rate of the industry is only 60% from normal capacity due to the impact of the COVID-19 pandemic. The producer also informed SSESSMENTS.COM that maintenance plans for one of the plants are scheduled in June for one week.
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