- Virgin PET prices remained stable to marginally higher, supported by tight imports and vessel delays.
- Buying remained cautious and need-based, with traders and converters keeping inventories controlled.
India’s polyethylene terephthalate (PET) market remained firm during the week ended Sept 25, supported by constrained import availability, vessel delays and steady downstream consumption. Domestic virgin PET prices were largely stable to marginally higher, while buyers remained cautious about building inventories. Regional supply and logistics differences continued to influence western and northern markets.
Crude oil and feedstock market
Brent crude increased 2.3% w-o-w to USD 105.77/barrel, while WTI declined 3.1% to USD 93.11/barrel. The Indian rupee weakened 0.3% w-o-w to 96.06/USD.
Naphtha CFR Far East Asia declined 3.2% w-o-w to USD 915-920/MT from USD 945-950/MT, easing petrochemical replacement costs. However, firmer Brent and higher PTA prices provided some offset.
RIL raised PTA 2.3% w-o-w to INR 105.40/kg from INR 103/kg, while MEG remained unchanged at INR 83.70/kg. Mixed xylene prices were also stable at INR 129/kg Ex-Hazira and INR 128/kg Ex-Patalganga.
Global PET market
Global PET markets remained firm, with CFR India prices unchanged w-o-w at USD 1,295/MT.
On an FOB basis, China PET bottle-grade resin concluded at around USD 1,210-1,215/MT, up from around USD 1,170/MT previously, while Vietnam PET bottle-grade resin rose to around USD 1,275/MT from USD 1,220/MT. Firmer Asian export values continued to support import replacement economics.
Import availability remained tight, with vessel arrival delays disrupting the flow of imported material into India. Importer inventories remained controlled, while regional logistics and landed-cost differences continued to influence western and northern markets.
Domestic virgin PET market
Domestic virgin PET prices remained stable to marginally higher across key markets. PET bottle-grade resin, IV 0.80, stood at INR 142/kg ex-Mundra, INR 143/kg ex-Nhava Sheva, INR 144.5/kg ex-Mumbai and INR 147/kg ex-Delhi, with marginal increases in western markets while Delhi remained unchanged.
Major producers raised PET prices by a further INR 2/kg effective September 24, following the INR 5/kg increase effective September 18. Buying remained predominantly need-based, with traders and converters managing inventories closely rather than building large positions. Western and northern markets continued to diverge due to regional supply and logistics conditions, with Delhi facing relatively stronger supply pressure.
Recycled PET market
The recycled PET market remained stable, with all assessed grades unchanged. Delhi PET bottle bale prices remained at INR 59/kg, while rPET flakes below 30 ppm, below 50 ppm and below 100 ppm stood at INR 87/kg, INR 83/kg and INR 77/kg, respectively. Food-grade rPET pellets remained at INR 117/kg.
Stable rPET prices indicate balanced recycled-market conditions. However, elevated virgin PET prices continue to make recycled products an alternative for buyers seeking to manage raw-material costs.
Outlook
The PET market is expected to remain firm but cautious in the near term, as tight import availability and vessel delays continue to support prices. Need-based buying and controlled inventories could limit aggressive price movement despite constrained supply.
Market direction will depend on whether vessel delays and import disruptions ease, alongside October and festive demand, which could determine whether tight availability persists in the coming weeks.
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