Market Players Highlighted Different States Of PET Demand In Southeast Asian Countries
- Local PET Bottle offers moved to the same direction
- Some deals recorded for import Chinese PET Bottle cargoes
- There is a possibility for PET price to increase further
As contacted by SSESSMENTS.COM, the majority of market players highlighted different states of PET demand in Southeast Asian countries. For prices, the offers for local PET Bottle in Thailand captured at THB24,000/ton ($753/ton) on cash, FD Thailand basis, and excluding 7% VAT, stable on a weekly comparison with some deals concluded at THB250/ton ($8/ton) lower from the initial offer level. However, the offers for localized Chinese PET Bottle in Thailand domestic market increased by THB500/ton ($16/ton) following the uptrend in the China market. While in Malaysia, the offers for local PET Bottle cargoes were also kept stable from a week earlier available at MYR3,300/ton ($759/ton) on cash, FD Malaysia basis, and excluding 6% SST. From the import market, the offers for Chinese PET Bottle cargoes surfaced with an upward adjustment of $30/ton from last week. Sources added that some deals were achieved at $20/ton lower from the initial offer level to the Philippines market.
Market sources reported to SSESSMENTS.COM on various states of PET demand in the region. In Thailand, demand is sluggish as most converters already have sufficient inventory on hand. Moreover, the demand for finished products has started to decline due to the rainy season. While in Malaysia, sources stated that the demand condition is varied depending on the sectors. According to the sources, PET resins demand from food and beverage manufacturers started to weaken in line with the slow end-products sales. In contrast, PET demand from certain electronics companies was reportedly healthy as orders from their end-users keep coming in. On the supply side, no significant issues reported by market players in the region.
For the outlook, market sources predict that there is a possibility for local and import PET prices to increase further following the uptrend in crude oil prices despite limited improvement in demand, as SSESSMENTS.COM was told.
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