Market Dynamics
PET imports to Russia surged by 32% in January-April 201
Time: 2014-05-23 Source from: mrcplast
MOSCOW (MRC) -- Imports of polyethylene terephthalate (PET) into Russia increased by 20,000 tonnes from January to April 2014, up by 32% year on year, and exceeded 85,000 tonnes, according to MRC ScanPlast.
April PET imports reached 30,000 tonnes, which is the highest level since June 2011.
Higher imports in spring is traditional on the back of preperations for a season. However, this year"s increased imports were caused by more favorable prices in China and restricted contract quantities this year, market players said.
According to ICIS-MRC Price report, current prices of Chinese PET, including delivery to ports in the East of the country, are in the range of USD1,247-1,260/tonne CIF, excluding VAT. If the current exchange rate of USD1 = Rb34,6 is taken (given it is stable at the time of delivery), then prices of Chinese PET, including delivery to the Central region, will be at Rb59,500-60,000/tonne CPT Moscow, including VAT. At the same time, spot PET prices in Russia start from Rb63,500/tonne.
Chinese grades account for almost 75% of the total imports, if the supply structure is regarded, while Korean grades account for only 10.6%.