Price competition keeps China PET market weak.

Petrotahlil :

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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