19 June 2008 11:13 [Source: ICIS news]
LONDON (ICIS news)--Fears over an upcoming Italian truck strike could prompt a boost in polyethylene terephthalate (PET) demand next week as buyers look to build stocks, market sources said on Thursday.
“We believe the strike will run from 30 June until 4 July. This could be a disaster for the market, so we have bought extra material for delivery next week to guard against possible disruptions,” said one Italian consumer.
The combination of the planned strike and expectations of higher PET prices in July could lead to a major lift in demand, although the Italian PET sector still sounded weaker than much of the rest of ?xml:namespace>
Uncertainty over exactly where bullish key raw material pricing would land in July also made it difficult to judge just how well the PET market was performing in terms of real demand rather than pre-buying activity.
“So far in June demand wasn’t great in
Hikes of around €50/tonne ($78/tonne) were widely mentioned for European PET contracts in June, although lesser rises were mentioned in
($1 = €0.64)
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