PET prices in Asia continue to climb on firmer feedstocks

Spot PET in Asia has posted four consecutive weeks of rising prices even as most other polymer prices in the region have declined, as per ChemOrbis. Sources attribute the steady rise in PET prices to firmer feedstock costs and the resultant margin pressure on producers. Healthy PET demand in China during the summer season was cited as another factor aiding the recent firmness, although sources added that buying interest for PET has weakened as the summer draws to an end. Spot PTA and MEG prices on CFR China basis have posted cumulative increases of around US$60-65/ton over the past month, pushing up theoretical costs of PET production by US$75/ton. Export PET prices firmed up by US$30-40/ton on an FOB China basis last week while domestic PET prices climbed CNY200-400/ton (US$31-63/ton). Month over month, export PET prices have increased by US$90/ton while domestic prices have risen by CNY800/ton (US$125/ton). Sellers are generally taking a firm stance as rising feedstock costs have left producers with limited margins even after their most recent price increases. Chinese PET producers added that they are generally feeling free from inventory pressure at present. Traders report that PET prices were largely stable at the beginning of this week as some players have begun to speculate that prices will stabilize soon, now that spot PTA and MEG feedstock costs have begun to come down from their mid-September highs. Most players believe that the medium term outlook for the PET market remains firm as the recent down turns in spot PTA and MEG prices will be only temporary since PTA demand from the textile sector is said to be healthy and firm PX prices are also giving support to the PTA market.
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