Chinese PET surged in Vietnam; buyers further retreated to the sideline

A major Chinese producer announced fresh PET offers to Vietnam with $30/ton increased from last week to $1345-1350/ton CIF Vietnam, LC AS term. The hike is in line with the supplier’s previous claim of having cost pressure. 

Vietnamese buyers are treating further to the sideline following the increase while claiming that non-dutiable cargoes from Southeast Asia and South Korea remain mostly unchanged this week.

“We have made comfortable replenishment before the uptrend, and therefore, we would remain on the sideline waiting for the next down cycle. Our end product demand is stable due to preparation for the Mid Autumn Festival,” a convert informed.

A distributor confirmed the slower trading activities this week following the price hike as buyers are taking time to assess the near-term outlook before making any fresh buy decision.