25 November 2013 06:08 [Source: ICIS news]
SINGAPORE (ICIS)--China exported 126m tonnes of polyethylene terephthalate (PET) in October, representing a 5% decline from the previous month, amid a slow demand season, market participants said on Monday.
In September, China’s export volume for PET stood at 133m, a 17% decrease from August, tracking persistent decline in PET prices as a result of prevailing poor demand, according to China Customs data.
October being traditionally the low season for PET makers, an oversupply situation amid weak demand forced several Chinese PET makers to cut operating capacities while some producers shut their plants to cut losses, market participants added.
PET production in China was around 50% of capacity in November, said a market player.
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