Local PET offers in Indonesia inched lower

Indonesian buyers reported to have received new weekly offers from a major domestic producer with IDR400,000/ton ($30/ton) reduction to reach IDR14,500,000/ton ($1088/ton) without VAT, FD Indonesia, 14 days payment term.

Buyers are attempting to bid for another IDR150,000/ton ($11/ton) discount from the latest offers, however, supplier refused any further price cut. A converter commented, “We decided to purchase some quantity as this offer is more competitive than import material at the moment. Our end product business has yet to improve, however, we do hope that Ramadan orders would come in April.”