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Polyethylene terephthalate (PET) prices bolster higher in SEA

Petrochemical industry | 13 Jan 2021 15:30 IST | Polymerupdate.com

PET prices galloped higher in the South Asian regions this week.

FOB South East Asia bottle grade PET prices were assessed higher at the USD 790-860/mt levels, a week on week surge of USD 40-60/mt. Prices spiked, as demand trends were reported to be strong in the region. Firmer upstream PTA and MEG values, further supported the steep price gain.

FOB North East Asia PET bottle grade prices were assessed steady at the USD 780-810/mt levels. Demand trends continued to remain upbeat in key markets like China, with rising PTA and MEG feedstock values.

In Sri Lanka, PET prices were assessed at the USD 940-960/mt CFR levels, a rise of USD 30-20/mt from last week.

In Bangladesh, prices were at the USD 920-960/mt CFR levels, a week on week spike of USD 40/mt.

In India, PET prices were assessed flat at the USD 880-920/mt CFR levels, a week on week fall of USD 30/mt.

In plant news, IVL Dhunseri Petrochem Industries, has recently declared a force majeure (FM) on supplies of Polyethylene terephthalate (PET), from its plant, owing to technical issues. The FM is likely to remain in place till end-January 2021. The plant was shut for maintenance in early-December, 2020 and was earlier supposed to restart by early-January, 2021. Located at Haldia, India, the PET plant has a production capacity of 240,000 mt/year.

PET prices in Pakistan were assessed stable at the USD 870-900/mt CFR levels.

Buying inquiries across the South Asian regions were reported to be strong amid higher upstream PTA and MEG rates.

Feedstock MEG prices on Tuesday were at the USD 565-570/mt CFR FEA levels, a week on week drop of 10/mt. PTA prices on Tuesday were at the USD 530-535/mt CFR FEA levels, a week on week surge of USD 35/mt.

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