Price competition keeps China PET market weak.
• High inventory levels prompt price war
• PTA feedstock prices remain low
• Late August offers down by $10-20/ton
• Export ($/ton): China 890-900 FOB | Taiwan 960-980 FOB
Aggressive Chinese PET offers put pressure on SEA market.
• Chinese PET suppliers intend to lower their high stocks
• Spot PTA declines further by $10 on week in Asia
• Local PET markets across region remain stable to softer
• Import PET ($/ton): 890-1000 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
Decreases lose speed in Turkey’s PET market.
• Malaysian PET emerges at $940-950 CIF
• Overall demand remains subdued
• Large buyers stick to sidelines
• Sellers try to avoid further discounts
• Local PET ($/ton): $1080-1110 not inc VAT
• Import PET ($/ton): China 920-940 CIF
PET market remains bearish on post-holiday lull in Egypt.
• Import offers down by $10-30/ton from pre-Eid
• Distribution market also down by EGP200/ton
• Volatility in monomer prices impede activities
• Overall demand muted, holiday mood still prevails
• Import PET ($/ton): 940-980 CIF
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