In line with a major drop in paraxylene (PX) prices in Asia, PET offers to the US plummeted to the low 70's cents/lb. In August, PX prices in Asia saw a downfall of nearly two hundred dollars to reach US$1220/MT CFR China. September arrival cargoes for PET were priced roughly 10 cents/lb more than the latest prices.
Interestingly, buying interest is lacking even at these reduced prices. Buyers prefer to wait and watch in anticipation of a further price cut in line with persistently falling crude values. Deals are not being concluded in the absence of buying bids.