Raw material analysis: PET bottle-level spot prices opened cold
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The spot price of PTA rose by 20-30 US dollars Friday to 880-890 US dollars / ton (CFR China main port), MEG prices rose 32-35 US dollars to 755-760 US dollars / ton (CFR China main port).
In China's domestic market, the spot price of semi-extinction-grade fiber chips rose by 100 yuan to 9,000-9,100 yuan/ton (ex-factory price). At the same time, Sinopec, the leading domestic manufacturer, announced its November offer of 9,000 yuan per ton (ex-factory price) in November, up 500 yuan per ton from October.
In the Indian market, the spot price was estimated to have increased by 20-30 USD to 1,060-1,090 USD/ton (CFR India), which is in line with the trend of the Asian market. Buyers are not very interested in importing cargo because of sufficient supply of local products, a major Indian manufacturer said.
Bottle level: South Korea's bottle-grade slicing this week rose by US$10 to US$1110-1130/ton (FOB Korea). In the first half of this week, it was reported that small cargoes with a total amount of hundreds of tons were traded in the range of 1110-1120 USD/ton (FOB Korea). Afterwards, major suppliers increased their prices to US$1130-1150/tonne (FOB Korea), and raw material PTA prices rose on Wednesday. However, there was limited interest in the 1130-1150 US$/tonne (FOB Korea) price range, and vendors insisted on quoting because of the cost pressure.
Market sources said that the spot market slowed down from previous weeks, but manufacturers are not in a hurry to sell cargoes, as inventory has recently been greatly reduced and the current level is moderate.
In the Taiwan market, the spot bottle grade chip price rose by US$10-20 to US$1120-1140/ton (FOB Taiwan), reflecting the level of negotiation. The sales intention price is 1150-1160 USD/ton (FOB Taiwan), and the purchase intention price is below USD 1120/ton (FOB Taiwan) level. A shipment of 600-700 tons of cargo was reportedly sold at a level of US$1150/tonne (FOB Taiwan), but it was not verified. Trading is still limited, and the resignation gap has weighed heavily on the market, market watchers said. However, a major Taiwanese company plans to increase its quotation to US$1170/tonne (FOB Taiwan) due to higher raw materials.
In China's export market, the spot price was basically stable this week. On the Monday and Tuesday, the spot market traded coldly as the merchants retired to the market and the raw materials market was unstable. Manufacturers offer 1120-1130 US dollars / ton (FOB China), while the purchase of limited interest, the buyer bids basically in the $ 1,100 / ton (FOB China) level below.
In China's domestic market, the intent valuation of bottle-grade PET chips for mineral water is stable at RMB 9200-9300/t (delivered). The price of hot-fill bottle grade chips is also 9200-9300 yuan/ton (delivered price); the price of carbonated beverage bottles is 9300 yuan/ton (delivery price).
India's bottle-grade PET chips have been assessed at 1120-1130/US$/ton (FOB India). A major manufacturer said that the export market has slowed down. The manufacturer also added that the Indian domestic market is still strong. Affected by rising raw materials, it may increase its quotations and domestic demand will be firm. It is said that this week's quoted price is 1130-1150 USD/ton (FOB India) and the delivery price is 1120 USD/ton (FOB India).
In the Southeast Asian market, buying interest this weekend has increased, as the upstream market is strong. The major manufacturers still insisted on working hours and rejected the bids below USD 1,130/tonne (FOB Southeast Asia), while buyers’ interest in buying was below USD 1110/tonne (FOB South East Asia) level.