Southeast Asian producers lifted import PET offers to Vietnam

Couple of Southeast Asian producers have announced new PET offers to Vietnam this week with $40/ton increased compared to late last month, reaching $1040-1055/ton CIF, LC AS term. The hike is mostly driven by firm upstream costs, as demand is rather slow amid the monsoon season.

An international trader offered Malaysian PET at $1040/ton CIF Vietnam said, “Our buyers are placing bids at $10-20/ton discount just to take a small quantity. It is raining season at the moment and we hope demand to pick up toward the end of the month.”

Another trader offered Thailand PET at $1055/ton with the same term added, “Prices have been increasing to quickly over the past weeks, which shy buyers away. Our customers are very cautious about making replenishment and in fact, we are only able to close one deal since beginning of the month. Sentiment is very bearish.” The source added that principal suppliers from China should announce new offers within today too and initial expectation call for a small-scale price hike.