US PET prices plummet despite proposed hike

27 May 2005 23:08  [Source: ICIS news]

HOUSTON (CNI)--US polyethylene terephthalate (PET) prices fell 10-15 cents/pound in May despite producers’ price increase proposals of 3 cents/pound ($66/tonne) for May business, market sources told CNI Friday.


According to market players, the sharp price erosion for US PET was driven by softer feedstock costs and sustained weaker Asian offers in the US.


Confirmed business throughout the month rendered a May PET resin contract price range of 65-75 cents/pound delivered.


Spot PET numbers for domestic material also declined severely, reaching levels of 62-65 cents/pound delivered for mid-to-large size buyers.  Participants said there is good availability of domestic material at the new low price levels.  Demand is considered healthy and is expected to remain strong through the third quarter.

By: Luly Stephens
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