MOSCOW (MRC) -- Imports of polyethylene terephthalate (PET) into Russia surged in the first quarter of 2014 by 38% year on year and totalled 55,000 tonnes, according to MRC ScanPlast.
Such a major increase in imports over the stated period was caused by anomalously large shipments in January. The overall PET imports to Russia totalled in January 25,300 tonnes (9,100 tonnes - in January 2013). At the same time, February and March imports were 15,000 tonnes and 14,800 tonnes, respectively, which is a normal figure for the Russian PET market at the beginning of the year.
However, having significantly increased inventories, local companies reduced their buying activity in the Russian domestic market, which also resulted in weak domestic demand in the first quarter.
The Chinese producer - Shanghai Hengyi Polyester was a leader in PET shipments to Russia over the reporting period(its imports totalled 13,000 tonnes).
Chinese producers continued to replace other foreign PET suppliers. The share of Chinese PET chips imports rose in the first quarter of 2014 to 70% from 57% over the same quarter of 2013.