Polyethylene Terephthalate Weekly highlights, Aug 12.

Petrotahlil :

Downturn persists in China PET market. 

• Export PET from China down further

• Local PET follows exports lower in China

• Demand remains apathetic

• PTA feedstock fell further

• Export ($/ton): China 900-950 FOB | S. Korea 960-970 FOB

SEA PET market down to 2-year low. 

• Import prices decline further by $10-20

• Weaker PTA futures weigh on sentiment

• Buyers refrain from building stocks

• Trade war fears add to cautious mood

• Chinese PET ($/ton): 910-960 CIF

Initial August PET offers start to emerge stable in Italy. 

• July business wrapped up at unchanged levels

• Aug MEG closed with a reduction of €35 from July

• Initial Aug offers surface with rollovers

• More fresh offers awaited with stable to softer prices

• Local PET (€/ton): 950-1010

Fresh Aug offers awaited stable to lower in Europe’s PET market. 

• Aug MEG contracts settled €35 lower

• July business fully wrapped up stable to lower

• Players wait for fresh Aug offers with rollovers or small drops

• Buyers expects small reductions on lower costs

• Summer lull, lower feedstocks might weigh on the market

• Local PET (€/ton): 950-1000

PET starts August with renewed drops in Turkey. 

• Local PET broke below $1100 level

• Crude plunged by nearly 8%

• Chinese PET offered under new thresholds

• Buyers: Softening may extend into H2 Aug

• June PET imports surged by 87% on the year

• Local PET ($/ton): $1080-1130 not inc VAT

• Import PET ($/ton): China 940-950 CIF

Egypt’s PET markets resisting pressure from lower costs. 

• Import offers unchanged after $30-40 drops

• Local offers stable on muted activities

• Upstream costs remain on downtrend

• Buyers start to leave their desks for holiday

• Import PET ($/ton): 950-1030 CIF

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