Chinese PET Cargoes Sold To Indonesia Amid Quiet Market
- Deals recorded for import Chinese PET Bottle
- PET market remains quiet
- Market outlook remains bleak due to the Coronavirus pandemic
Market sources reported to SSESSMENTS.COM that import Chinese PET cargoes sold to Indonesia market amid a quiet market. For the week commencing May 11, the offers for local PET Bottle cargoes recorded at IDR11,800,000-12,000,000/ton ($791-804/ton) on cash, FD Indonesia basis, excluding 10% VAT. Compared to data reported in last week’s WeeklySSESSMENTS, the current offers on a cash basis are around IDR200,000-400,000/ton ($13-27/ton) higher. From the import market, the offers for Chinese PET Bottle cargoes to Indonesia market were kept stable on a weekly comparison. Sources added that the deals for Chinese PET Bottle cargoes were concluded at the initial offer level at $720/ton on LC at sight, CIF Indonesia Main Port basis.
As reported to SSESSMENTS.COM, the PET market in Indonesia remains quiet this week. Some converters focus on digesting the inventory on hand and delay the procurement activity due to the slow sales for finished products. Sources also stated that around 70% of converters in Jakarta have halted operation. For the hand sanitizer bottles, the demand is still ongoing although sales in the domestic market have already started to shrink since early May.
Pertaining to the outlook, market sources predict that the market condition will remain unchanged as long as the Coronavirus pandemic is still looming over the market. As such, demand and pricing outlook for PET Bottle remains bleak, SSESSMENTS.COM was told.
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