SunSirs: The Rise in Raw Materials still Provides Support for China PET Costs
November 11 2024 10:58:37 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, on November 8th, the average market price has been adjusted to 6,345 RMB/ton.
In terms of costs, the Federal Reserve continued to cut interest rates in November, coupled with Hurricane Rafael posing risks to crude oil production in the Gulf of Mexico region, leading to an increase in international oil prices. With the temporary consumption of bearish sentiment in the market, polyester dual raw materials rose again on the 7th, and PET costs still have some support.
In terms of supply and demand, local sources of goods are tight, and PET market quotations are rebounding along with the raw material side. Considering the overall loose supply and limited downstream follow-up, the actual increase is limited.
Overall, it is expected that the PET market will remain stable in the short term with limited upward potential. The actual trend will depend on the trend of the raw material side and the subsequent actual supply and demand situation, and attention will be paid to changes in crude oil.
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