- Virgin PET prices rise 2–3% w-o-w as delayed imports tighten domestic availability.
- Festive stocking gains importance as converters prepare for October demand.
India’s polyethylene terephthalate (PET) market strengthened during the assessment week ended September 11, supported by higher upstream costs, limited import availability and firmer global offers. Domestic virgin PET prices increased by around 2–3% w-o-w across major markets, while buying activity improved marginally ahead of the upcoming festive season.
Brent crude rose 10.1% w-o-w to $105.36/barrel, while naphtha prices increased 6.4% to $910–915/metric ton (MT) on a cost-and-freight (CFR) Far East Asia basis. The sharp rise in upstream costs provided further support to PET pricing.
Crude oil and feedstock market
Brent crude rose from $95.70/barrel on September 4 to $105.36/barrel on September 11, while West Texas Intermediate (WTI) increased from $91.69/barrel to $100.95/barrel over the same period. The Indian rupee weakened 1.3% w-o-w to 95.69/USD, adding to import cost pressure.
Naphtha CFR Far East Asia increased to $910–915/MT from $855–860/MT a week earlier, gaining around 6.4% w-o-w.
Reliance Industries Ltd (RIL) kept its assessed paraxylene (PX) and monoethylene glycol (MEG) indications unchanged during the assessment week. However, RIL raised purified terephthalic acid (PTA) by INR 5.30/kg to INR 103/kg, effective September 12, while rolling over MEG.
Indian Oil Corporation Ltd (IOCL) also raised PTA by INR 5.30/kg to INR 111.40/kg and reduced MEG by INR 0.70/kg to INR 84.40/kg, effective September 12. IOCL also restarted its 700,000 MT/year PTA unit at Panipat.
Global PET market
Global PET markets remained firm during the week, with tightening availability, delayed shipments and higher upstream costs supporting offers.
PET bottle-grade resin prices on a CFR India basis increased to $1,180–1,260/MT from $1,150–1,240/MT a week earlier, up around 2.1% w-o-w. On an FOB (free on board) basis, China PET bottle-grade resin was indicated at around $1,095/MT for November 2026, while Vietnam PET bottle-grade resin was assessed at around $1,190/MT FOB for September 2026.
China spot PET prices were around RMB 8,650/MT, although buying remained cautious as buyers continued to adopt a wait-and-see approach.
Higher crude and feedstock costs, coupled with delayed import arrivals, continued to limit availability in India. Import offers for PET bottle-grade resin, IV 0.80, were heard near $1,280/MT CIF India.
Domestic virgin PET market
Domestic virgin PET prices increased by 2–3% w-o-w across key Indian markets. PET bottle-grade resin, IV 0.80, rose to INR 129.5/kg ex-Mumbai, INR 133/kg ex-Delhi, INR 128/kg ex-Mundra and INR 128.5/kg ex-Nhava Sheva.
The increase followed a INR 3/kg price revision by Reliance Industries Ltd and IVL Dhunseri Petrochem Industries Ltd, effective September 8.
Buying interest improved marginally during the week, although procurement remained largely need-based. Delayed import arrivals and limited availability at major consumption hubs provided additional support to domestic prices.
Converters are increasingly monitoring inventory requirements ahead of October and Diwali demand. However, sustained price gains will depend on the pace of downstream consumption and the availability of imported material.
Recycled PET market
The recycled PET (rPET) market also turned firmer, although regional conditions remained mixed. In Delhi-NCR, PET bottle bale prices increased 5.7% w-o-w to INR 56/kg, while hot-washed rPET flakes below 30 parts per million (ppm) rose 3.6% to INR 87/kg.
Tight availability of good-quality PET scrap supported bale and flake prices, while demand for higher-quality recycled material remained comparatively stronger. However, comfortable inventories in some markets and subdued export demand continued to limit broader upside.
Outlook
Virgin PET prices are expected to remain firm in the near term, supported by elevated crude and feedstock costs, delayed imports and emerging festive stocking. Further gains will depend on downstream demand and the pace of import arrivals.
The rPET market is also likely to remain firm, with tight availability of good-quality scrap providing support to bale and higher-quality flake prices.
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