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Asian PET: Softens amid weaker upstream costs / Northeast and Southeast Asia to see price reductions / Mixed outlook on market weakness and demand

Asian PET: Softens amid weaker upstream costs / Northeast and Southeast Asia to see price reductions / Mixed outlook on market weakness and demand

Sep 12, 2024

Market outlook remained mixed. Upstream, monoethylene glycol and purified terephthalic acids both fell by $28/mt per week, respectively, to $523/mt. Some participants reported steady business and demand, while others expressed concern about a decline. A trader in Northeast Asia stated: "PET is doing badly recently; the market faces challenges." In contrast, a produceroffered a more optimistic view, noting, "the demand is alwaysthere" and that south China is already discussing for Octoberwhile eastern China has completed discussions for December.Despite the softer price sentiment, inventory pressurein Northeast Asia, particularly in China, was not consideredsignificant, according to market sources.In Southeast Asia, demand showed signs of improvement witha few inquiries heard, although the market continued to displaylow-priced sentiment, a Southeast Asia-based producer noted. "Some buyers in the region are seeking alternatives as antidumpingduties have...

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