20 June 2008 23:59 [Source: ICIS news]
LONDON (ICIS news)--June contract prices for European polyethylene terephthalate (PET) contracts were up an average of €50/tonne ($77/tonne) market sources confirmed on Friday.
As usual, the range of increases was mixed, and varied from €30-70/tonne, depending on the source and location.
Market consensus was that increases were at or close to raw material hikes, which was a disappointment for PET producers at what should be the busiest time of year.
Gross prices were moved up making the ranges between €1,505-1,610/tonne FD (free delivered) western Europe and €1,230-1,315/tonne FD eastern Europe for bottle grade and €1,505-1,610/tonne FD western Europe for film grade.
Regional variation was noted. Italy sounded weaker than the bulk of Europe due to poor weather, slow demand and comparatively more imports.
Net spot levels were commonly quoted around €1,150/tonne DDP (delivered, duty paid) NWE at the low end. Trading sources also quoted higher numbers, up to €1,200/tonne DDP NWE, quoting good demand and tightening supply.
Import offers from South Korea were rarely heard given higher prices quoted there. Most attractive offers were quoted from Pakistan, although volumes were said to be limited, and also the Middle East.
($1 = €0.65)
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