As stated to SSESSMENTS.COM, a Vietnamese PET distributor saw a slight improvement in market sentiment this week. As compared to last week’s level, the distributor applied a price reduction of $20/ton for China origin cargoes and $35/ton for Indonesia and Thailand origin cargoes. The latest offers for Indonesia and Thailand origin cargoes are available between $745-750/ton, while China origin cargoes captured between $690-695/ton on LC at sight, CIF Vietnam Main Port basis.
Responding to the offer level, some customers submitted bids for China origin cargoes at $650/ton, or between $40-45/ton lower than the initial offer level. As the company is running out of stock, the distributor rejected the bids from the customers. For Thailand origin cargoes, transactions were successfully concluded at $720/ton, or between $25-30/ton lower than the initial offer level. From the distributor’s end, demand has been slightly improving as the company managed to secure some deals this week.
“From our perspective, the current prices already hit the bottom level. Since the market sentiment is bullish, we think that the market will see prices start to climb in the following week,” the trader opined to SSESSMENTS.COM.
