[PET Daily Report] Strong Cost Support Drives Market Higher at Opening
Today's Summary
Driven by the sharp rise in crude oil prices during the holiday period, raw material prices opened high, prompting polyester bottle chip producers to generally raise their quotations by RMB 50–130 per ton.
Domestic polyester bottle resin capacity utilization rose to 68.42% today, with market spot supply showing slight tightness.
Downstream terminals remain in holiday mode, with weak buying interest and muted market trading activity; only sporadic spot demand top-ups are observed.
II. Spot Overview
Today's domestic mainstream spot prices (in RMB/ton) and changes for PET bottle-grade resin are as follows:
East China Market6,350, up 150, up 2.42%
South China market6,400, up 180, up 2.89%
North China Market: 6300, up 120, up 1.94%
In terms of market transactions, taking East China as the benchmark, the spot price closed at 6350 yuan/ton, in line with expectations. The main negotiation range for February to March supplies was 6300-6450 yuan/ton, with the basis showing a trend of first high then low, a premium of 90-100 yuan over the 2604 contract in the morning, which dropped to a premium of 30-50 yuan in the afternoon. Despite the significant price increase, the resumption of work at the terminal has not yet been fully achieved, and actual transactions were mainly based on rigid demand.
III. Market Forecast
The short-term PET bottle chip market will maintain a strong trend.。
Cost sideCrude oil drives the overall upward trend of chemical products, with strong cost support.
Supply SidePart of the spot market is tight, providing strong support for prices.
Demand SideCurrently, the downstream buying interest is weak, but with the advancement of resumption of work and production, demand is expected to be gradually released.
Overall, it is expected that the spot price of water bottle material in the East China market tomorrow will range from 6,300 to 6,450 yuan/ton. It is necessary to closely monitor the progress of downstream resumption of work and the actual transaction situation.
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