A Chinese producer commented, “Since crude oil prices have been constantly decreasing, we receive very few inquiries from players. As long as crude goes down, PET prices will follow. Plus, it is the low season and we do not expect any recovery before March.”
A trader operating in Shanghai also said, “We managed to export some PET cargoes to some markets in Southeast Asia and Indian sub-continent but we can’t say that our sales amounts were satisfactory at all. Demand remains very weak and buyers keep purchasing on a hand-to-mouth basis. Overall operating rates in China are around 70% capacity and we do not expect demand to revive before March. If crude oil prices continue to fall, the PET market will not be able to resist.”