Chinese PET bottle breached below the $900/ton mark in Vietnam

Vietnamese buyers reported having received new import PET bottle offers from a major Chinese producer at $890/ton CIF Vietnam, LC AS term. This is the first time import PET bottle prices fall below the $900/ton benchmark in 2019 as a result of constant weakening upstream costs and sluggish demand.

“We did not proceed with the purchases. The market sentiment is weak and there is a possibility that prices could drop further in the coming week,” a converter said. 

At the time this report is published, Chinese PET bottle priced in the range $890-915/ton, all based on CIF Vietnam, LC AS term. 

Several other sources have expressed the buy idea at $850/ton with the same term citing the mediocre end product demand condition during the raining season in the country. Another buyer added, “The new tariffs the US is imposing on Chinese imports would impact the polyester sector negatively. Support for the upstream PTA market seems weak.”