SunSirs: The Price of China PET Water Bottles Experienced a Slight Correction Last Week (July 22-26)

https://www.chemnet.com   Jul 29,2024 SunSirs

According to the Commodity Market Analysis System of SunSirs, the price of PET water bottles saw a slight correction last week, indicating a certain downward trend in volatile operation. As of July 26th, the average price of PET water bottle grade is 7,178 RMB/ton.

Raw material market: On July 25th, crude oil rebounded narrowly overnight, while polyester raw materials continued to decline during the day, and PET cost support was average. In terms of the international crude oil market, US crude oil inventories have declined for the fourth consecutive week, while gasoline and distillate inventories have also decreased accordingly, and gasoline demand has shown an increasing trend. These factors have collectively led to a rebound in international oil prices from the recent six week low.

On the supply and demand side, Yisheng's 600,000 ton new production capacity has been put into operation, and there is a strong wait-and-see sentiment in the industry. But the current local supply is still tight, which has a supporting effect on the market. The cost and demand support are generally average, and the short-term market price of PET futures and spot is not strong enough. However, considering the tight supply in reality, the downward space for PET is also limited.

The PET analyst from SunSirs believes that there may be a narrow adjustment pattern overall.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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