Southeast Asian maker continue to lift PET offers to Vietnam

It is reported that couple of Southeast Asian producers has announced new PET offers to Vietnam with large increase compared to mid of the month. Buyers in the country continue to portray strong sense of resistance, considering the recent drop in the upstream MEG costs.

A Thailand producer implemented $75/ton hike on PET cargoes, bringing the latest offers to $1130/ton CIF Vietnam, LC AS term. A distributor said, “Buyers are shock and very few actually make fresh purchases at the current levels. Despite the falling MEG costs, our principal supplier refused any major discount due to limited supply.”

Another Malaysian producer introduced $60/ton increase on the cargoes, reaching $1110/ton with the same shipment and payment term. No deals have been reported at the new offers with a trader said, “We are not having much inventory on hand, yet buyers are showing very little interest even in placing bids. We think market might be nearing the peak and might face correction if upstream market extended to softening trend.”

Other traders have suspended all offerings claiming lack of cargoes on hand. Buyers are waiting on the sideline waiting for prices to come down before making replenishment.