Local producer lifted PET prices in Indonesia
Local producer lifted PET prices in Indonesia

Indonesian buyers today report receiving up-adjusted PET offers from domestic suppliers by IDR100,000-200,000/ton ($7-15/ton) compared to the beginning of the week, reaching IDR15,200,000-15,400,000/ton ($1124-1138/ton) without VAT, FD Indonesia, cash term.
Firming upstream costs are the key factors supporting the move, players said, as demand remains relatively stable. A converter purchased locally produced cargoes at the beginning of the week at IDR14,800,000/ton ($1094/ton) without VAT, FD Indonesia, cash term, informed, “Our suppliers are planning to implement another IDR200,000/ton ($15/ton) hike in the coming week. We think prices have reached the cyclical bottom, hence might stock up additional quantity.”
PTA costs based on CFR China term hit the highest levels since beginning of March this year on healthy demand from the polyester sector. This condition might persist in the near term, especially with the current firmness in the energy complex. However, there are concerns that PTA market would ease up in the medium term with China’s Reignwood started up the new 700,000 tons/year PTA unit on 2 November while Xianglu is scheduled to restart from maintenance shutdown on 10 November.
A trader informed, “We have temporarily suspended all offerings following the allocation withdrawal from our principal suppliers, though we have slightly oversold some quantity. Demand is just regular and we hope buyers would accept the hike in the coming week.”