International suppliers lifted import PET offers to Vietnam

In line with the recent surge in energy values, several international suppliers have decided to lift import PET to Vietnam by $15/ton from last week while demand started seeing minor sign of a pick up.

Indonesian PET currently offered at $1110/ton CIF Vietnam, LC AS term while Chinese PET stand in the range $1060-1065/ton with the same term. An international trader informed, “We managed to sell very good quantity in the previous week too and at the moment have withdrawn the offers. Inquiries started to come in as converters are preparing for the festive season.”

Another trader added, “Supply is tight, especially for Thailand origin cargoes. We have received several inquiries from regular customers and would only be able to revert on the available quantity in the coming week. Market might remain firm in the near term, considering the current upstream PTA costs.”

In spite of an uptick in buying interest, there are no signs of panic buying. Many converters, who have comfortable stock on hand prefer to wait and see, hoping that new PTA start up in China would bring along discounts.