Market Dynamics
Export PET prices in Asia fell by USD80/tonne
Time: 2014-09-30 Source from: www.mrcplast.com
This week the export prices of Chinese and South Korean bottle grade polyethylene terephthalate (PET) for customers in the CIS countries were reduced by USD30-80/tonne on the back of falling feedstock costs, according to ICIS-MRC Price Report.
Importers from Russia and Ukraine reported a sharp decline in the prices of major suppliers of PET chips last week.
According to buyers, a drop in prices resulted from the price reduction of feedstock, such as paraxylene (PX), purified terephthalic acid (PTA) and monoethylene glycol (MEG).
In their turn, the price of feedstock for PET production are falling following the weakening of oil futures. Prices for Chinese bottle grade PET were heard in the range of USD1,200-1,220/tonne FOB China, excluding VAT. There was information about price offer at about USD1,170/tonne FOB China, excluding VAT. Prices for Korean PET were heard at USD1,225-1,250/tonne FOB Korea.
Despite the general decline in prices, the importers in the CIS were in no hurry to increase purchases. Buying activity in the PET market in Russia and Ukraine continued to be very weak.