SunSirs: The Support of the Raw Material is Weak, China PET Market Price is Running weakly in October

https://www.chemnet.com   Nov 01,2024 SunSirs

According to the Commodity Market Analysis System of SunSirs, the PET market prices have been running weakly this month. As of October 31st, its average market price has been adjusted to 6,302 RMB/ton.

In terms of cost, the recent Middle East conflict has not yet had a substantial impact on crude oil supply. Geopolitical risk premiums have been released, coupled with the return of Libyan crude oil production to the market and a bearish EIA monthly report, international oil prices have plummeted by more than 4%, dragging the polyester raw material market to continuously decline. Cost side support has collapsed, and the spread of pessimistic sentiment in the periphery has suppressed poor market buying. Prices have shown a downward trend in mid to late October. According to data from SunSirs, as of October 31, the average spot price of PTA in the East China region was 4,881 RMB/ton. Crude oil and raw materials continue to decline, and there is currently no support on the PET raw material side, with market prices falling along with costs.

In terms of supply and demand, some factories offer low-priced shipments, while downstream suppliers maintain essential procurement.

Overall, it is expected that the PET market will continue to experience weak adjustments in the short term, and the actual trend will depend on the trend of the raw material side and the subsequent actual supply and demand situation, while paying attention to changes in crude oil.

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