17 January 2008 06:16 [Source: ICIS news]
SINGAPORE (ICIS news)--Far Eastern Textile (FET), Taiwan’s largest polyethylene terephthalate (PET) bottle chip producer, has reduced production at its 220,000 tonne/year plant in Shanghai, eastern China, by 15% on poor demand, said a company executive on Thursday.
"The reduction began two weeks ago due to the poorer demand for PET bottle chips. It will continue all the way until Chinese New Year and we’ll evaluate whether to restore full production after the festive season," he said in Mandarin.
Asian PET bottle chip producers have witnessed poorer buying interest in recent weeks due to the impending Chinese New Year holidays.
FET is offering PET bottle chips for January from its Shanghai facility at $1,350/tonne (€918/tonne) FOB (free on board) China.
Prices of PET bottle chips from China were assessed softer at $1,320-1,380/tonne FOB China for the week to 11 January on the back of softer offers from producers and traders, according to global chemical market intelligence service ICIS pricing.
($1 = €0.68)
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