PET purchasers have retreated in Iran's Market

After encountering several competitions and challenges to purchase PET, buyers finally decided to step backward which actually led to a great drop in PET trades (only 5 to 6 percent in the stock) in the current week. According to "Petro Analysis", traders have referred to the end of hot season and also PET import to Iran as the main reasons for this sudden change; they also stated: "The demand for PET purchase has declined in Iran's market." One of the traders has remarked: "After an increase in supply by the main PET manufacturer in Iran, the demand for this product has surprisingly decreased. The price for PET (781) in Tehran's market used to be 4800 Tomans while it has fallen to 4500 Tomans in the current week." Furthermore, PET (821) had hit its peak price (4900 Tomans) in the last two weeks; however, its price also had a sharp decline and fell to 4500 Tomans in the present week according to the traders. Market experts believe that this price decline for PET will probably be continued in the local stock and market. Nevertheless, this should be also taken into account that the main PET manufacturer in Iran, as an inductor, could have sold more products as approaching cold seasons. In fact, PET manufacturer managed to prevent from price decrease in the stock for 2 to 3 weeks by reducing the product's supply' yet this resulted in a considerable fall in the product's sale.