CommoPlast

Import PET to Vietnam continue to fall, buying interest remains sluggish

Import PET to Vietnam continue to fall, buying interest remains sluggish



Several overseas suppliers have announced fresh PET offers to Vietnam at $30-35/ton reduction compared to last week after sharp cuts in the previous week failed to fetch any major buying interest.

Latest offers for Chinese and Indian origins stand at $1280-1285/ton and Indonesian origin at $1385-1390/ton, all based on CIF Vietnam, LC AS term. 

“Our regular customers are only buying hand-to-mouth while expecting further reductions to take place in the coming days. Despite the lack of inventories pressure, we fear the inability to hold firm on prices as market resistance is too strong,” an international trader informed. 

Meanwhile, it is important to note that these cargoes are for September shipment and that adds more to the reluctance among buyers. ‘”The upstream energy market plunged while supply is improving. It is too risky to jump into deals at the current prices for such far shipments. We prefer to wait and see for now,” a buyer commented.