According to the price data from SunSirs, as of August 12th, the average selling price of PET was 6,067 RMB/ton, and the PET market saw a narrow increase today.

In terms of cost, the uncertainty of the Russia Ukraine situation and the expected meeting between US and Russian leaders have driven Brent crude oil up 0.06% to $66.63 per barrel, WTI crude oil up 0.13% to $63.96 per barrel, and both polyester dual raw materials have risen during the day. PET cost support is relatively strong, coupled with tight local supply circulation, the center of gravity of the PET market has risen.

In terms of supply and demand, the weekly production increased by 0.25 million tons to 323,700 tons on a month on month basis, and the capacity utilization rate rose to 70.86%. The industry's inventory days remained at a high level for 16-18 days during the same period, and the sufficient circulation of spot goods offset the benefits of production reduction. The tight supply of local goods did not change the overall loose pattern, but downstream demand for essential purchases and replenishment at low prices dragged down market gains. Today, the PET market rose narrowly.

Business Society believes that the short-term price range is between 5,900-6,050 RMB/ton. If crude oil rebounds and PTA production rate further decreases, it may test 6,100 RMB/ton; If demand remains weak or exports are hindered, or if the support level of 5,850 RMB/ton is lowered.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.