- PET import offers fall 3.4% w-o-w amid weak demand
- rPET prices remain firm on limited bottle availability
India’s polyethylene terephthalate (PET) market softened during the week ended 14 August 2026, as weak downstream demand and cautious buying outweighed support from firmer crude and feedstock costs.
Brent crude recovered to around $87/bbl, while naphtha CFR Far East Asia (FEA) rose to $770-775/tonne (t). Despite the stronger upstream market, PET import offers declined to $1,120-1,155/t CFR India, down around 3.4% w-o-w.
Domestic spot prices were assessed at INR 124/kg ex-Mumbai and INR 126/kg ex-Delhi. RIL and IVL Dhunseri’s INR 2/kg early-bird discount and price protection, valid through 15 August, supported some immediate buying, although most buyers continued to purchase only for near-term requirements.
Crude and feedstock
Brent rose from $83.75/bbl on 10 August to $89.52/bbl on 12 August, before easing to $87.07/bbl by 14 August. Continued uncertainty over the Strait of Hormuz kept supply disruption risks elevated.
Naphtha CFR FEA recovered from $720-725/t to $770-775/t during the week, briefly touching $820-825/t on 12 August.
Domestic purified terephthalic acid (PTA) and diethylene glycol (DEG) prices also increased. RIL raised PTA by INR 0.40/kg to INR 91.90/kg, while DEG rose by INR 3.50/kg to INR 111.30/kg. MEGlobal nominated its September MEG contract price at $780/MT CFR Asia.
However, firmer feedstock costs have yet to translate into higher PET prices due to weak downstream demand.
Virgin PET
Virgin PET remained under pressure as buyers stayed cautious amid expectations of further price reductions.
A producer said demand remained stagnant, while supply availability had improved. A western India converter reported slightly higher procurement following the discount but said buying remained need-based.
The converter expects PET prices to remain stable or decline by INR 3-4/kg in the near term.
Recycled PET
The rPET market remained relatively firm. Delhi NCR PET bottle bale prices held at INR 52/kg, while <30 parts per million (ppm) flakes were assessed at INR 83/kg and food-grade pellets at INR 114/kg.
Certified <30 ppm flakes were heard at $910-920/t FOB Nhava Sheva/Mundra, compared with $860-880/t for regular recyclers. Certified <100 ppm flakes were heard at around $810/t FOB Nhava Sheva.
Limited bottle availability and steady export demand from the US and Europe continued to support recycled PET prices.
Outlook
Virgin PET prices are likely to remain under pressure over the next 1-2 weeks, with a potential INR 3-4/kg downside if demand remains weak. The expiry of the INR 2/kg early-bird offer on 15 August will be a key market trigger. However, renewed crude strength and naphtha at $750-800/t, along with the approximately $200/t import duty on bottle-grade virgin PET, could limit further price reductions and support domestic prices. Market participants expect overall price movement to remain limited, with healthy PET demand also likely to cap the downside.
The rPET market is expected to remain comparatively firm, supported by tight bottle availability and steady export demand. Meanwhile, Bisleri is increasing its use of recycled PET, while other market players are also evaluating a shift towards rPET. Higher import costs for virgin PET could further improve the competitiveness of recycled material.
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