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Southeast Asian buyers reported having received new PET offers from various suppliers in the region, mostly at $5-10/ton lower from last week. Softer than expected demand condition is blamed for the reduction, however, sources believed that the market might see the bottom very soon.

In fact, a supplier cuts Chinese PET offers by $10/ton to Vietnam said, “Preparation for the summer season should start anytime.Cooler weather than usual delay the replenishment activities, but we see a bright prospect for the market in the near term.” The source is current offering Chinese PET at $1120-1125/ton CIF Vietnam.

Meanwhile, a buyer added, “Over the past ten years, the PET bottle market normally firm up after Lunar New Year. We are getting ready and if prices drop further, we would procure some cargoes.” 

In Indonesia, sentiment started showing some improvement, though the market might need a bit more time for a significant uptick. The peak manufacturing season this year clashes with the General Election in April, and there have been speculations that converters might stock up cargoes in advance and slow down purchases once the Election is near. 

At the time this report is published, import PET to Southeast Asia stands in the range $1090-1170/ton CIF, LC AS term. 

Country
Indonesia  Vietnam