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China PET Market Rebounded weakly and Fell nearly 2% after the May Day Holiday

May 13, 2024

Latest company news about China PET Market Rebounded weakly and Fell nearly 2% after the May Day Holiday

According to the analysis system of the commodity market of SunSirs, as of May 10th, the domestic price of water bottle grade PET was 7,198 RMB/ton, and fiber grade PET was 6,917 RMB/ton. After the holiday, the focus of negotiations on PET dual raw materials was relatively low, and the price showed a weak downward trend. PET lacked strong support on the cost side, and factory quotations were continuously lowered. Currently, the negotiation atmosphere in the PET market is cold, and the overall market price fluctuates downward. The willingness of downstream restocking is not strong, and the overall market shipment is mainly slow. The price trend of PET is difficult to improve in the short term.

In April, the price support for PET raw materials was insufficient, and the upstream prices were weak and downward. The PET cost side lacked positive support. According to the rise and fall chart of the industry chain, both upstream ethylene glycol and PTA showed a downward trend. Currently, the downstream procurement atmosphere is flat, and demand is poor. The overall market price upward momentum is insufficient. Recently, negative sentiment has led to a decrease in supply and demand in the industry chain, and market inventory has remained at a high level. There is not enough room for PET to rise in the short term.

In terms of cost: After the holiday, the upstream PTA price has shown a weak downward trend, while the upstream ethylene glycol is operating weakly with a narrow range. PET has weak support on the cost side, and the overall market supply is sufficient. There is still pressure on the cost side, mainly through destocking. In this cycle, the domestic PTA weekly production is 1.2567 million tons, which is 1.443 million tons compared to last week. The overall production has decreased to alleviate the pressure on inventory.

In terms of demand: Currently, the PET downstream polyester market is operating weakly, with a decline in costs. During the May Day holiday, crude oil prices have slightly rebounded, and May has gradually entered the off-season of the market. Affected by inventory pressure, inventory will be concentrated in May, and demand expectations will weaken. It is expected that the polyester market will continue to be volatile and weak in the short term.

PET analysts from SunSirs believe that currently, both upstream and downstream markets are operating under pressure, with weak prices and a lack of favorable support for PET costs. Downstream markets are gradually entering the peak season in May, with reduced demand. It is expected that the PET market will mainly operate under pressure in the short term, with mainstream prices for water bottle grade and fiber grade at 7,200 RMB/ton and 7,000 RMB/ton, respectively. The overall market price fluctuation range is limited.


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