Asian PET markets hit fresh multi-year lows
Chinese and Southeast Asian players report fresh multi-year lows in the PET market amidst declining upstream costs as well as thin demand, which keeps diminishing even further in line with the approaching Chinese New Year.
Spot PET production costs shed $60/ton for PX, $20/ton for PTA and $30/ton for MEG over this past week whilst crude oil prices on NYMEX hovered around the $30/bbl threshold. As a result of these spiralling down production costs coupled with persistently weak demand, export PET prices out of China also shed $30-40/ton during last week. Inside China, the panorama was no different with locally held prices losing around CNY200/ton ($30/ton) from a week earlier.
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