China’s R-PET discussions flat on stable market conditions

23 August 2016 06:07 Source:ICIS News

SINGAPORE (ICIS)--China’s spot discussions for recycled polyethylene terephthalate (R-PET) are stable week on week on unchanged market conditions, market participants said on Tuesday.

China’s demand remains weak as many buyers were not actively engaged in discussions, sources said. Many downstream recycled polyester plants will be shutting their plants in about a week’s time, ahead of the G20 Summit, as notified by the Chinese government in an effort to improve the air quality during the event.

On the supply front, there are ample availability of R-PET and its raw material post-consumer bottles amid the summer season, sources said. R-PET producers mostly said their raw material costs were stable, hence they have kept their offers for R-PET stable as well.

Spot prices of hot-washed clear/white R-PET flakes were at $570-600/tonne CFR (cost & freight) China in the week ended 16 August, according to ICIS data.

Picture (top): Recycling PET bottle symbol (Olaf Kruger/imageBROKER/REX/Shutterstock)
By Hazel Goh