05 May 2009 22:44 [Source: ICIS news]
SAO PAULO (ICIS news)--Brazilian polyethylene terephthalate (PET) prices were set to move higher despite the anticipated drop in demand ahead of the southern winter months, a Mossi & Ghisolfi (M&G) manager said on Tuesday.
Brazilian May contracts were mostly finalised at a $50/tonne (€38/tonne) increase from April, and June contracts were already subject to a $90/tonne hike due to the impact of raw material costs, M&G commercial manager Theresa Moraes said. Moraes was speaking on the sidelines of the Brasilplast conference.
Brazilian PET contracts in April were assessed in a range of $1,285-1,310/tonne, according to global chemical market intelligence service ICIS pricing.
Moraes said second-quarter demand was still strong but was expected to ebb going into June and July.
Nevertheless, the company would continue at full production rates – including volumes from a newly inaugurated production line – because of a need to build inventory prior to the seasonally stronger demand period of the third and fourth quarters, Moraes said.
($1 = €0.75)
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