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SunSirs: Lack of Cost Support, China PET Market was Weak

April 23 2021 09:59:26     SunSirs (Selena)

According to the data monitored by SunSirs, as of April 22, the average price of PET water bottle manufacturers was 7,033.33 RMB/ ton, and the market of PET bottle chips was weak. Most manufacturers' quotations were reduced 50-100 RMB/ ton, down 0.24% compared with the same period last week.

The price of PET market was weak, the factory continued the weak trend, the downstream demand was insufficient, the cost support was weak, the number of new orders was limited, the market center declined, the international crude oil trend was downward, resulting in the upstream PTA price falling, the purchasing atmosphere was cold, and the weak operation was maintained in the short term.

In the upstream, the price of ethylene glycol declined significantly, the support of cost side was insufficient, the transaction atmosphere was light, and it was weak and volatile in the short term. Ethylene glycol index: on April 21, the commodity index of ethylene glycol was 51.63, down 0.66 points from yesterday, down 50.77% from the highest point 104.87 in the cycle (2011-09-18), and up 53.98% from the lowest point 33.53 on April 2, 2020. (Note: period refers to the period from September 1, 2011 to now)

SunSirs PET analysts believe that: crude oil prices declined recently, PET upstream cost support is weak, coupled with insufficient downstream demand, PET will continue to be weak in the short term.

 

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