PET imports to Russia in September hit a record low

(MRC) -- In September PET imports to Russia declined by 40% and made about 8,000 tonnes. It is a record minimum not only for this year - similar small amount of granulates import was last observed in September 2002, according to MRC DataScope.

Imports was expected to reduce at the end of the third quarter due to the situation in the domestic market. However, market participants could not predict such a significant decline. Volumes contracted from the largest Russian producers of PET performs cut nearly by twice compared to August.

The ruble devaluation having started in early August and growing price quotations of PET in Asia also had an impact on decrease of supply. As a result, the Russian producers offered better prices for the domestic market in contrast to the Asian producers.

In September, some Russian producers of PET reported a slight increase in buying activity of some converters on the back of trade reorientation at the domestic feedstock. However, significant products remnants and off-season kept from boosting significant changes in the market.

While import is falling to record lows, export of granulates has shown a record growth. In September, exports of domestic PET increased by 6,000 tonnes and made about 16,500 tonnes, which is the maximum value of shipments to the foreign markets in the history of PET production in Russia.

mrcplast.com