Europe Sept PET contracts fall €50/tonne

19 September 2008 23:59  [Source: ICIS news]

LONDON (ICIS news)--European polyethylene terephthalate (PET) contracts fell an average of €50/tonne ($71/tonne) in September on the back of softer upstream costs and slow demand, said market sources on Friday.

 

A variety of decreases were concluded, mostly between €40-60/tonne, as sellers tried to keep demand flowing despite limited end-user buying interest.

 

Bottle and film grade prices were pegged between €1,495-1,620/tonne FD (free delivered) W Europe (west Europe) on a pre-discounted basis.

 

Some pick-up in demand was reported as customers filled stocks but there was little change in end-user demand, especially for bottle grade.

 

Operating rates were reduced as a result, commonly quoted around 60% across Europe.

 

Net spot levels were quoted well below this, closer to €1,100/tonne FD Europe.

 

In August, PET prices fell on average of €40-50/tonne.

 

($1 = €0.70)

 

By: Edward Cox
+44 20 8652 3214

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