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Couple of overseas suppliers reportedly announced new import PET offers to Vietnam this week with additional hike, citing support from firming upstream costs and tightening supply. Offers for Indonesian PET hit above the $1200/ton mark, reaching $1235/ton CIF Vietnam, LC AS term while Chinese origin stands at $1155/ton with the same term.

“Our customers are not very receptive towards the latest offers, complaining low end product margins. It is becoming more difficult to attract deals, yet we think market still has room for further price increment in the near term,” a trader informed.

In the upstream market, MEG costs based on CFR China surged to multi year high level at $1014/ton as of 9 January 2018 on the back of healthy demand in China while availability is low. Chinese players are reporting a quick fall in local MEG inventories as import cargoes are having limited access to shipping gateways of Zhangjiagang port due to poor visibility and the collision of an Iranian oil tanker.