Import PET to Vietnam, Indonesia inches lower, buyers shy of large purchases

After a sharp reduction in offers for import PET originated from China to Vietnam earlier this week, suppliers continue to offer additional $10/ton discount toward the end of the week, sending the latest price list to $1315/ton CIF Vietnam, LC AS term. However, purchasing interest remains below expectation as buyers continue to adopt a cautious stance over fresh replenishment. 

“We have not been able to conclude a good number of deals and we fear that further cuts might materialize in the coming week in order to draw buyers back to the market,” a trader commented.

Meanwhile, Vietnamese PET is dealt at $1380/ton CIF Indonesia, LC AS term, a $30/ton reduction from the initial price list. “This cargo is more competitive than the local market. July is the slow month for us; however, we expect more orders to come in August. The international trade environment is not very favourable at the moment, and therefore, we prefer not to keep too high inventories,” a converter commented. 

At the moment, domestic PET bottle offer in Indonesia stand at IDR21,400,000-21,500,000/ton ($1484-1491/ton) without VAT, FD Indonesia, cash equivalent. 

Sources are expecting more Chinese cargoes to emerge in Southeast Asia in the near term, which potentially send prices lower and with the soft demand condition, regional buyers are just too shy from large purchases.