According to the Commodity Market Analysis System of Shengyi Society, the price of PET water bottle grade has been weakly stable this week. As of September 14th, its average market price has been adjusted to 6337 yuan per ton.

At the beginning of the week, macro bearish sentiment remained, with crude oil and raw materials continuing to decline and PET cost support collapsing. On September 10th, OPEC lowered its forecast for global crude oil demand growth rate, offsetting potential supply risks from hurricanes in the Gulf region. International oil prices fell to their lowest point in 33 months. NYMEX crude oil futures 10 contract 65.75 fell $2.96 per barrel or 4.31%; ICE Brent Oil Futures 11 contract fell $2.65/barrel or 3.69% to 69.19. The main contract of Chinese INE crude oil futures, 2411, fell 1.7 to 508.7 yuan/barrel, and fell 14.2 to 494.5 yuan/barrel in the evening session. In the later part of the week, with the rebound of international crude oil and the recovery of commodity atmosphere, the rebound of polyester raw materials provided market support, coupled with the tight circulation of PET spot goods, the downward trend eased to some extent.

From the demand side, the industry’s mentality has been frustrated, and industry participants generally adopt more conservative strategies, being more cautious in placing orders, which may limit the rebound of PET spot market prices.

Overall, analysts from Business Society believe that the current PET market has a sharp supply-demand imbalance, with increased supply and weak demand, coupled with export obstacles, putting heavy upward pressure on the absolute price of the PET market. The market trend tends to be cautious and unstable.