Overseas makers lift PET offers to Vietnam, buyers source competitive local cargoes

Several major overseas suppliers have lifted import PET bottle offers to Vietnam by $10-20/ton from last week claiming tight supply and improving demand in other markets. That sends the latest price range to $1120-1170/ton CIF Vietnam, LC AS term.

In contrast to the initial expectation that demand in Vietnam would pick up ahead of the traditional high demand season from the beverage sector, buyers in the country remain very much conservative and tend to source cargoes from local market given the competitiveness. 

“In fact, we purchased from one of the local producers at $1160/ton excluding VAT, FD Vietnam. This is much more competitive than import materials,” a converter reported.

It is important to note that the price trend is not very in synchronization and sources said that depending on the inventories levels, some suppliers decided to maintain prices unchanged or even conceded to reduction. The persistently low local prices are putting a cap on the uptrend in the import market.