North America
The North American BOPET Film market witnessed a stable quarter in Q4 2023 with moderate supplies and constant demand from the downstream packaging sector. However, the market rebounded during December due to logistic issues.
The prices of the product remained stable due to the prevailing gap between current inventories in circulation and existing demand. The stability in prices was largely attributed to stable prices of feedstock PET, which stagnated production costs. The constant demand was attributed to moderate purchasing activities by the local populace due to continued increments in the interest rates by the Federal Bank, which confined purchasing outlooks to per requirement.
However, with the surge in the prices of upstream crude oil, the prices of BOPET eventually surged which added to production costs and appreciated prices of the product. Moreover, the US market has been significantly impacted by the recent logistical difficulties. As a ripple effect, the disruptions in US export markets have forced shipping routes to shift, which has resulted in higher spot freight prices in these particular locations. Therefore, the quarter-ending price of BOPET Film 13 µ DDP Los Angeles in the USA was USD 1933/MT.
APAC
The current quarter of 2023 for BOPET Films in the APAC region witnessed mixed market sentiments from bullish to stable market conditions with moderate supply. The prime reasons for the stability in prices were the presence of enough supplies in circulation, stable prices of feedstock PET, and moderate demand from downstream packaging and electronic industries. However, prices of BOPET Films in China were the most affected due to changes in the prices of feedstock PET, which increased production costs during October. The correlation price percentage of China in the current quarter was 0.4%, indicating a bullish market situation. Demand from the Packaging sector was constant as purchasing sentiments eased due to the declining Producer Price Index which again depreciated by 2.5% on a year-on-year basis, Supply however decreased as manufacturing costs climbed up due to increasing prices of feedstock. The BOPET Films Prices have continued their moderately stable trend during November and December in the Chinese market due to stable prices of feedstock PET, which stagnated production costs and the maintenance of an adequate gap between demand and supply. The current quarter-ending price of BOPET Films 13 µ (Spot) Ex-Shanghai in China is USD 1134/MT.
Europe
The current quarter of 2023 for BOPET Films in the Europe region was marked by a bearish market situation followed by a bullish trend during November and December. October witnessed moderate improvement in the sentiments amongst businesses in FMCG industries as the purchasing sentiment amongst the local populace eased. This increased the pressure on the downstream packaging sector of the FMCG industries. Moreover, trading activities outside the Eurozone have also marginally increased which surged the price trend of BOPET. The prices of feedstock PET continued to decline, resulting in a depreciation of 2% in BOPET Film prices. Secondly, demand from the downstream packaging sector remained moderate to low, resulting in an excess supply of the product. Lastly, inflation rates across the UK declined to 4.7%. Germany witnessed the maximum changes in price, with a depreciation of 0.5% due to subdued demand from the downstream bottling sector of the beverage industry due to the onset of the seasonal winter season. The trend for BOPET Film prices in Germany during Q4-2023 was bearish, with a percentage change of -2% from the previous quarter. The price of BOPET Film 13 µ (Spot) FD Hamburg in Germany for the current quarter was USD 1989/MT.
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MEA
In the MEA region, the fourth quarter of 2023 for BOPET Film was characterized by significant changes in the pricing of BOPET Film as October witnessed a significant drop in the prices which rebounded marginally during November and again declined during December 2023. The prices in October decreased by 10% compared to the previous quarter, mainly due to the depreciation of feedstock PET prices and the influx of inexpensive imports from China and India. Additionally, the oversupply in the market compelled suppliers to reduce prices to mitigate excess inventories. However, the demand from the downstream packaging sector of the FMCG industries was largely constant. As the price of upstream crude oil dips, so does the cost of producing PET, further contributing to the BOPET price decline. Moreover, the downstream packaging sector, particularly within the FMCG (fast-moving consumer goods) industry, has remained sluggish. With ample BOPET readily available, there's little pressure on converters to pay a premium to settle the latest price of BOPET Film Grade Ex-Riyadh in Saudi Arabia for the current quarter at USD 1824/MT.
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