Vietnamese buyers: Chinese PET continues to slide as weekend approaches

Earlier this week, there have been reports that Chinese suppliers slashed import offers for PET bottle to Vietnam and Indonesia amid piling inventories pressure and persistently sluggish demand condition. However, toward the end of the week, Vietnamese buyers see Chinese materials drop another $10-15/ton to $990-1010/ton CIF Vietnam, LC AS term.

Deals have been achieved at the lower end of the overall price range, sources reported, though many buyers remain cautious about the near term outlook.

In fact, a number of market sources are expecting Chinese materials to touch the $950/ton in the coming weeks as the market enters the traditional off-peak season. 

“We are covered until July, hence, in no rush to make replenishment. The raining season would begin soon, which potentially dampen the demand further,” a buyer said.

In the local ground, two major local producers are offering at $1050/ton without VAT, FD Vietnam term. This is one of the factors that prevent overseas suppliers to maintain firm stance on the offers.