Chinese producers lifted PET bottle offers to Southeast Asia

Itis reported that several Chinese producers have announced fresh PET bottle offers to the Southeast Asia market at $10-20/ton higher than last week, claiming ease in inventories pressure.

At the time this report is published, Chinese origin PET bottle cargoes are offered in the range $910-940/ton CIF Southeast Asia, LC AS term.

Sources believed that following deals below the $900/ton threshold in the previous week, most Chinese suppliers have managed to deplete a good quantity of inventories, leading to higher offers this week.

“However, buyers have replenished comfortably and remained very cautious about the near term outlook. Hence, we are not very confident in the sustainability of the current firming trend,” an Indonesian customer commented.

Meanwhile, an international trader said, “We lifted prices by $10/ton and yet to receive any respond from buyers. Market is still in the off-peak season and the hike faces serious challenges from weak demand.”