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As buying interest across the region wan gradually ahead of the long Lunar New Year holidays, couple of traders have step up effort to deplete inventories on hand by offering some discounts on their cargoes.

A trader offered Chinese PET at $970/ton FOB China, a reduction of $5-10/ton from last week said, “Market is getting slower. Even with the reduction, buyers are not showing much interest on the belief that prices might soften further in the coming days. We plan to sell of some quantity on hand before departing for holiday by mid of next week.”

At the meantime, other suppliers are holding their offers steady at $980-990/ton FOB China, LC AS term. Another Chinese trader added, “Feedstock remain firm and the market prospect appears to be positive, therefore we plan to hold firm on our prices though our regular customers are pressuring for larger price cut.”

Export PET offers from China this week stand at $970-1000/ton FOB China, LC AS term.