In the United States market, prices for the PET inclined significantly by 2.55% during the early week. This is mainly due to the tight local supply coupled with the limited overseas imports, following the latest tariff on imported PET and rPET. As, on September 8, US authorities imposed a tariff on all imports for PET and rPET, to strengthen the domestic market. Although, the Prices for the key feedstock MEG declined by 5.68% during the week, weakening the production costs. While another, feedstock PTA prices remained stable.
Prices for the PET across the European market witnessed a steady trend with only marginal decline. In Germany, PET prices declined by 0.5% this week driven by the weak demand fundamentals across the domestic market due to the limited purchasing sentiments amidst the abundance of supply. Market participants revealed that, though the preference of virgin PET remains consistent rather than rPET. The declining trend could be also associated with the long demand weakness and low production costs. Key feedstock MEG and PTA prices declined this week, notably by 2.31% and 1.81%, respectively, weakening the production costs.
Across the Asian market, PET prices stayed stable during the week. Asian PET market remained steady during the week, due to the minimal fluctuations in feedstock costs and the demand softness. The downstream industries including bottle and beverages industries are holding ample material during the recent period and avoiding heavy procurements. Due to the tariff related uncertainties and the latest tariff on PET and rPET by the US administration has weaken the export business for the Asian market. As a result, seller chose to maintain the prices amidst the soft market conditions.
In the MEA market, PET prices remained stable due to the balanced supply and demand dynamics. The import prices remain steady at this time and the cost support from the feedstock side remained insufficient.
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