MOSCOW (MRC) -- Asian polyethylene terephthalate (PET) importers reported a reduction in purchase prices of bottle grade PET in Asia this week. Export prices of Chinese plants fell to USD1,010-1,040/tonne FOB China, according to ICIS-MRC Price report.
Market players said they anticipate prices to fall below the psychological point of USD1,000/tonne FOB. Some traders said prices might decrease below USD1,000/tonne FOB in December, following lower feedstocks prices. In their turn, PTA producers in Asia were trying to maintain prices by reducing the capacity utilisation at their plants. At the same time, paraxylene prices continued to go down, following cuts in oil futures.
Buying activity of importers in the CIS market was low. PET prices have fallen by USD316/tonne since early 2014, down by almost 24%.
PET purchased in China at USD1,150-1,180/tonne FOB entered the CIS market in early December. The devaluation of the national currency led to higher prices in the domestic market in Russia and Ukraine, despite lower prices in dollars.
At the same time, PET prices went down in Kazakhstan. The exchange rate of the dollar against the tenge was stable, which led to lower purchase prices, following reductions in export prices.
MRC