15 May 2008 16:47 [Source: ICIS news]
LONDON (ICIS news)--European polyethylene terephthalate (PET) sellers were assessing the likely impact of upstream purified terephthalic acid (PTA) production issues, confident they would lead to significant June hikes, they said on Thursday.
“If we get real summer weather in early June then I can imagine real, real increases on PET. I am holding very firm from now on,” said one trader.
Combined capacity of the two producers is well over half of
PTA is the dominant feedstock in the production of PET alongside monoethylene glycol.
Indorama’s planned shutdown at its 290,000 tonne/year PTA Rotterdam site in the
“We have enough raw material in stock for this week but things could become difficult from next week. So far our buyers have shown little reaction to the situation but this could soon change,” said one PET producer.
Settlements for May PET had been reported between a rollover and €25/tonne ($38/tonne) increase for the bulk of business, although some contracts were yet to be settled.
In PET production, Artenius’ 80,000 tonne/year PET plant in
($1 = €0.65)
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