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A major regional supplier reportedly lifted import PET offers to Vietnam on the first trading day of the week by $15-20/ton. Latest price list stand at $1130/ton for Indonesian origin and $1080/ton for Chinese origin, all based on CIF Vietnam, LC AS term.

Limited supply and strong upstream costs remain the primary support for the hike; however, buyers are showing strong resistance toward the new offers. “Demand is not as strong as expected. Buyers are showing limited interest for cargoes at higher levels, making difficult to attract deals. At the moment, we have not made any adjustment, hoping that with more suppliers lifting prices in the coming day, buyers would accept the trend,” a trader source commented.

Import PET to Vietnam has been firming up for three weeks in a row with sellers claimed limited supply. The implementation of anti-dumping duty on import PET from China to Japan and the on-going anti-dumping investigation on Chinese PET in the USA and Indonesia seems to cast limited impact on the regional market. Players are citing that the ban in import plastics scrap in China that rock the recycle industry in this country has had Chinese buyers to seek alternative source of material to replace the recycle grade, and boost demand for virgin grade. Recycle PET is the second largest fragment of the plastics recycle industry in China with total output in 2016 reached 4.3 million tons.