In China, PET prices followed a stable to slightly softer trend over the past week in line with ongoing slow demand as well as weaker upstream markets. Export PET prices were quoted at $800-840/ton on an FOB China, cash equivalent basis. The range edged down by $5/ton on the low end while the upper end remained steady from a week earlier. A trader operating in Shanghai commented, “Prices continue to witness slight drops in the face of persistently sluggish demand. We are not expecting to see any real improvement in buying interest for the near term. Hence, the PET market may remain under downward pressure in the coming days. A source from a local producer stated, “Demand remains slow as buyers continue to purchase according to their urgent needs. However, we believe that export PET offers will hover around their current levels over the near term as producers are not able to implement further decreases without sacrificing their margins.” Export prices from South Korea were reported at $860-870/ton FOB, cash equivalent, with the range indicating reductions of $20/ton on a week over week basis. Inside China, meanwhile, local PET prices did not witness any major changes over the past week, with slight decreases of up to CNY100/ton ($16/ton) appearing on the lower end of the overall local range. A converter commented, “Demand for our end products has worsened following the recent losses in crude oil costs. We remain cautious on our purchases amidst comfortable supplies”