Southeast Asia PET Bottle Market In Steady-State
- Paltry movement in local, import PET Bottle offers
- Steadfast market activities
- The outlook remains positive for the time being
For this week, Southeast Asia PET Bottle market is maintaining steady-state activities. SSESSMENTS.COM received information from a Thai producer that local PET Bottle cargoes offered at THB24,500-25,000/ton ($767-783/ton) on cash, FD Thailand basis, and excluding 7% VAT. This offer recorded an increase of THB500/ton ($15/ton) from last week's level. In the import market, a trader informed that the offers for PET Bottle from China to Thailand and the Philippines were at $685-700/ton and $720/ton respectively on LC at Sight, CIF Main Port basis. Import offers this week were stable following the prices of purified terephthalic acid (PTA) and monoethylene glycol (MEG). To the export market, a Thai PET producer maintained its offers stable from last week at $730/ton, while another Thai producer is offering at $795/ton with Japan as the main market, all on LC at sight, FOB Thailand basis. Detailed information for Vietnam market is available here.
Market conditions differ from one another, in which a trader reported successfully closing deals at the initial offer level in the Philippines market while in Thailand, buyers were unwilling to take import cargoes as local offers remain competitive. The trader's reviews were in a similar note to those shared by the producer in which SSESSMENTS.COM quoted that domestic PET demand in Thailand is still ongoing since customers keep purchasing on a need basis. There are no supply issues reported this week.
In terms of outlook, market players voiced out to SSESSMENTS.COM that PET Bottle offers in Southeast Asia market would move up as supported by feedstock prices while there will be more and more countries reopening up businesses after the lockdown. However, buyers might show resistance if the price uptrend continues before the coronavirus pandemic finally over.
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