Despite operating its plants in Indonesia, Thailand and China at 100% capacities, Thailand's Indorama Ventures (IVL) has sold out spot polyethylene terephtalate for September, as per Platts. IVL capacities include a 180,000 tpa plant in Lopburi, Thailand; a 86,400 tpa plant in Tangerang, Indonesia; and a 276,000 tpa plant in Guangdong, China. A further improvement has been seen in demand this week, causing IVL to offer to few regular customers. Sales have picked up in Southeast Asia after two weeks of lackluster markets.
PET prices were assessed about 2.4% higher at US$1690/MT FOB North East Asia and at US$1700/MT FOB South East Asia. Prices have witnessed rises over the past few weeks due to rising feedstock purified terephthalic acid (PTA) prices. As a result, buying has been limited due to the wait and watch stand adopted by the buyers. However, finding themselves short on inventory, the buyers are gradually returning to the markets, and buying need based only in anticipation of a price correction. Producers, however, do not expect prices to fall in the next 4-6 weeks due to the high feedstock costs.