SunSirs: Weak Support on the Raw Material Side, China PET Price Trend is Weak Last Week

According to the analysis data of the commodity market of SunSirs, as of December 27th, the average selling price of PET is 6,130 RMB/ton, and the price trend shows a weak trend.

Since mid October, PET prices have continued to show a downward trend due to the dual impact of downstream demand reduction and declining raw material prices. Entering the fourth week of December, the support on the raw material side appears particularly weak. Although OPEC+ has once again extended its oil production plan, the measures to reduce production have not offset market concerns about demand, and crude oil prices have not stopped falling. In addition, as the end of the month approaches, some holders are facing increased shipping pressure, while downstream enterprises have a low willingness to replenish, which further weakens the PET market prices amidst fluctuations. However, as market prices fall to lower levels, the room for further decline becomes relatively limited.

Looking ahead, starting from the end of December, with the increasing demand for Spring Festival stocking and the potential increase in operating rates in the oil and PET sheet industries, domestic PET demand is expected to see a slight increase. This trend may provide some support for the PET market. Therefore, in the subsequent market trends, we need to closely monitor the guidance of peripheral policies and the relevant news of subsequent devices. Meanwhile, changes in market demand will also become an important factor affecting the price of PET market.

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