Local PET prices continue to fall in Indonesia

Indonesian buyers reported that local suppliers continue to cut PET offers by another IDR200,000/ton ($15/ton) week on week basis despite some improvement in buying interest. This is a result of comfortable supply in domestic ground as lower costs imported cargoes arrived the market.

A beverage bottle maker said, “Demand for our end product is picking up though in a slow pace. Compared to the same period last year, the number of orders has dropped notably. This week we only purchased a small quantity and hope to obtain further discount in the coming week.”

Domestic PET prices currently at IDR14,100,000/ton ($1060/ton) without VAT, FD Indonesia cash term.