MOSCOW (MRC) -- Prices of Chinese polyethylene terephthalate (PET) for buyers in the CIS markets increased by USD25-50/tonne last week, following higher paraxylene (PX) prices and rising prices of the entire feedstock chain, including PTA and MEG, as well as good sales in export markets, according to ICIS-MRC Price report.
The trend has been changing and Asian PET prices have been growing since mid-May. Prices of Asian producers rose by an average of USD70-80/tonne over this period.
Russian buyers reported last week's higher purchase prices of Chinese grades. Import prices were heard at USD1,310-1,340/tonne CIF Vostochny, excluding VAT, in the east of the country. A converter said prices of the bottom range were already difficult to accept at the end of the week.
Ukrainian buyers announced prices of Chinese PET grades at USD1,350-1,370/tonne CIF Odessa, excluding VAT. At the same time, prices of Middle Eastern grades were heard at USD1,335-1,345/tonne CIF Odessa, excluding VAT. The price difference led to an increase in consumer demand for PET.
As reported earlier, Ukrainian buyers preferred South Asian and the Middle Eastern PET. Imports from India grew from January to April 2014 to 10,000 tonnes versus 5,700 tonnes from January to April 2013. Imports from Pakistan tripled and totalled 4,500 tonnes. At the same time, shipments of Lithuanian PET fell twofold to 5,400 tonnes. Imports of Chinese PET slumped by 36% to 28,700 tonnes.
MRC