A Malaysian converter revealed to SSESSMENTS.COM on the latest local and import PET Bottle offers this week. In the domestic market, some suppliers had reportedly dropped their offers by MYR100/ton ($23/ton) on a week-on-week basis, ranging between MYR3,250-3,300/ton ($742-754/ton) on cash, FD Malaysia basis and excluding 6% SST. From the import market, the converter received Chinese PET Bottle offers from non-regular suppliers at $675/ton on LC at sight, CIF Malaysia Main Port basis. At the moment, most Chinese suppliers are taking advantage of the customs duty waiver to Malaysia to start offering.
Amid a month-long nationwide lockdown, most factories have been forced to cease the production temporarily, while some are still running at a reduced capacity as the government has relaxed restrictions on certain industries to allow them to resume their activities. The converter voiced out that the government might extend its national lockdown beyond April 28 amid a surge in novel Coronavirus cases in the country. “We do not believe the Movement Control Order (MCO) should be extended in all areas of Malaysia. The extension of MCO will threaten the sustainability of more industries,” the trader added.
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