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Under tremendous costs pressure after PX in Asia hit the multi-year high, major producers in China and Indonesia introduce large hike on import PET prices to Vietnam this week. Latest price list sees $40/ton increased week-on-week for Chinese materials to $1400-1405/ton CIF Vietnam, LC AS term while Indonesian cargoes surged $60/ton to $1470-1475/ton with the same term.

“The thing is that we could not achieve any deal at the new price list. Customers are just too reluctant at the moment,” a distributor informed. 

As reported earlier, many Vietnamese buyers have replenished comfortably before the price hike and therefore, having room to wait for the next down cycle. “Demand is not very strong yet because of the typhoon season. However, we do hope to see better sentiment in the near term,” a buyer added.