Global polyethylene terephthalate (PET) resin market trading has reached a turning point. Triggered by the anti-dumping (AD) duties imposed on Chinese products by numerous countries, distribution flows to PET markets worldwide are undergoing major changes. Shipments of products from China are primarily shifting to Europe, along with Thailand.
The influx of Chinese products to other countries around the world resulted from oversupply due to capital investment in PET projects by a succession of companies in China. As dumping was found to be taking place, a number of countries have been stepping up measures, with the U.S. and Malaysia among those imposing AD duties, while others have launched investigations.
While demand remains steady within Thailand, suppliers are prioritizing exports, tightening the supply and demand balance. Chinese products are flowing into Thailand, with exports from China to the Thai market doubling in quantity year-on-year to 50,000 tons in 2017. Despite this, industry insiders say that supply nonetheless falls well short of demand.