An Indonesian PET producer mulls over price adjustment, backed by the shift in crude oil and monomer prices. As told to SSESSMENTS.COM, in the upstream market, monomer prices in Southeast Asia have been rallying following the rebound in crude oil prices. On a week-on-week basis, PTA prices inched up by $15/ton, while MEG prices went up between $24-27/ton. Due to the circumstances, the producer is planning to adjust the prices up by next week.
This week, the producer maintained a stable offer level for the local market despite the rally in crude oil prices. Overall buying sentiment for PET resins is still weak amidst tepid end-product demand and pessimistic economic conditions. To the export market, SSESSMENTS.COM was told that the producer is facing difficulties in selling to Vietnam due to competitive prices in the country.
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