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It is reported that one of major Chinese PET producers continue to increase their export offers this week, breaching above the $1000/ton threshold to reach $1025/ton FOB China, LC AS term.

A source close to the producer informed, “Buyers are resisting our offers, yet we have no other option given high upstream costs.”

As reported earlier, MEG based on CFR China term rise to multi-month high recently on limited supply and healthy demand from the polyester sector. However, market is expecting a correction toward end of the month as supply eased on the restart of several major plants in China, and buying interest from the polyester would normally slow down ahead of the Lunar New Year.

At the moment, Chinese PET is traded at premium over peer offering, such as from South Korea which attract very limited buying interest from overseas buyers, especially in Southeast Asia.

Export PET from China this week stands at $980-1025/ton FOB China, LC AS term.