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🔍 3-line takeaway from 24 Oct ICIS Asia-PET report
🔍 3-line takeaway from 24 Oct ICIS Asia-PET report
1. Price floor ≠ demand floor – China export FOB flat at 735-755 $/t, but buyers still “hand-to-mouth”; SEA deals only 820-840 $/t.
2. Margin vice tightens– PTA/MEG up on crude, yet bottle-chip plants still @ –ve cash cost; run-rate stuck at 77 %.
3. Year-end inventory trap – bottle-chip stocks 7-10 d, polyester 7-31 d; sales-to-output ratio 70-90 % (was 60-80 % wk ago) = “better” only because output was cut, not because sales grew.
