PET Prices Slide in China and U.S. as Europe Pops on Summer Bottle Boom

In the United States market, PET prices experienced a bearish trend. This is attributed to the weakness in the end consumer activity which restricted active procurement. Additionally, sluggishness in the local production cost also supported the PET price trend during the period. Feedstock MEG price dropped by *.** during the period, due to the weak crude oil market. Market participants reported that the cheap overseas PET imports were easily available in the US market, which further intensified the competition, reducing interest in domestic or expensive PET. As a result, PET prices in the US market registered a decline of *.** and reached at USD ****/MT FAS Houston during the week ending July **, ****.

The European market saw a rising price trend for the PET, during the early two weeks of the month. In Germany, PET prices rose by *.** and reached at...