Market sources informed SSESSMENTS.COM that a Vietnamese PET started offering cargoes from its new PET plant. According to the information received, the producer is offering PET Bottle cargoes at $640/ton on LC at sight, FOB Vietnam basis. On the production side, sources stated that the producer’s operating rate is kept at 60% instead of running at full production rate. Sources also explained that it will take a while for the producer to get market recognition as a newcomer. Moreover, the mother company has zero experience in producing PET Bottle resins, hence, it will take time for the production to be stabilized as well.
Further added to SSESSMENTS.COM, market sources opined that the additional capacity from the plant is expected to create additional supply which led to a fiercer competition in the market.
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