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SunSirs: China PET Market Rebounded slightly after a Weak Decline in May
May 29 2024 15:02:24SunSirs(Selena)

According to the analysis system of the commodity market of SunSirs, as of May 28th, the domestic price of water bottle grade PET was 7,216 RMB/ton, and fiber grade PET was 6,902 RMB/ton. The overall PET price in May showed a narrow and weak trend. In early May, PET lacked strong support on the cost side, and the overall price showed a continuous downward trend. In late May, the price began to rise, with a slight increase. Currently, the factory quotation is operating at a high price, The focus of negotiations in the PET market is stable, but weak. Downstream demand for replenishment is the main focus, and the willingness to hoard goods is not obvious. Currently, cost support is weak.

In terms of cost, the upstream PTA prices fluctuated in May, with many changes in enterprise equipment maintenance. The overall market operating rate was around 75%, and market demand was lower than expected. The upstream ethylene glycol market in May was mainly volatile and downward, with signs of recovery by the end of May, PET has weak cost support, and currently the overall market supply is sufficient with small downstream demand, mainly focusing on contract customers.

In terms of demand: Downstream demand for polyester filament is insufficient, and overall prices are weak and downward in May. The seasonal off-season is approaching, and there is insufficient willingness to purchase goods. The resistance to price increase in the polyester filament market may increase. The weak adjustment in the polyester short fiber market is mainly due to weak domestic orders, weakening overall market demand, and insufficient room for price increase in the short term.

PET analysts from SunSirs believe that currently, prices in both upstream and downstream markets are stable, with a strong trend. Downstream demand is insufficient and shipments are slow, PET inventory continues to operate at a high level, and manufacturers have lowered prices to alleviate recent inventory pressure. It is expected that the mainstream price of water bottle grade will remain at 7,300 RMB/ton in the short term, and the mainstream price of fiber grade will be at 7,000 RMB/ton. The overall market price fluctuation range is limited.


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