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After two consecutive weeks of cutting prices, it does not seem like the downtrend in Southeast Asian PET market could stabilize anytime soon. Indonesian buyer at the beginning of the week reported receiving offers for Chinese PET bottle at $20/ton reduction from last week to $1350/ton CIF Indonesia, LC AS term.

Despite having stable demand for end products, a number of buyers in this market feel a little reluctant to proceed with fresh buy, fearing that prices would endure an additional drop in the near term.

“We have comfortable inventories at the moment, hence we have plenty of time to wait. The market has been roller-coasting in recent days and therefore, we would like to have clearer outlook before making any decision,” a converter said.