Import PET prices decline in Mediterranean markets

08-Oct-13

Mediterranean markets, including Turkey and Egypt, saw lower import prices for Far Eastern PET cargoes in the previous week, as per ChemOrbis. China’s absence as the country was celebrating the one week long National Day holiday weighed on global markets. Looking at these markets individually, import PET prices saw US$30-40/ton decreases in Egypt while offer levels were US$30/ton lower at both ends of the import range in Turkey on a week over week basis. The one week long National Day holiday in China, which started last week, worsened the already unsupportive market conditions in terms of buying interest. Apart from the Chinese holiday, Turkey and Egypt are readying to celebrate the Eid holiday after this week, which will shorten the month of October further and slow down trade. A trader in Egypt commented, “PET prices are spiraling down. This trend is no surprise to us but we were still not expecting it to occur this rapidly. This situation also shows us that demand is really weak in China. Egypt’s PET market also holds sufficient stocks, in line with the current demand.” A different trader added, “Overall supply levels are more than sufficient while demand is almost non-existent. China’s being absent took its toll on the global buying interest amidst the fading high season for PET bottles.”