24 July 2009 23:59 [Source: ICIS news]
LONDON (ICIS news)--July prices for European polyethylene terephthalate (PET) soared in the Iberian Peninsular because of availability, yet plummeted in other areas following lower demand and competitively priced imports, sources said on Friday.
“The Spanish market is divorced from the rest of ?xml:namespace>
“Suddenly they all want offers. The weather and demand is improving and we have [higher] feedstocks in the background,” a reseller said.
Artenius said recently that it was running all of its plants at full capacity, apart from its two Spanish sites; San Roque had been down for months and El Prat de Llobregat was understood to be operating on one line. Other sources, however, claimed that the company’s
The Italian market saw a surge in purchases of imported material over the past few weeks and months, resulting in depressed pricing for European PET. Levels in
“The Italians are good importers and they decided to fill their warehouses,” one source said.
Other west European countries hosted prices of €925-960/tonne in July for local product, reflecting a drop of up to €30/tonne from the previous month in some cases.
“The [price] gap is huge between customers, not only between countries,” according to one industry player.
The July monthly reference prices dropped by €30/tonne on the low side and went up by €40/tonne on the high side from June, to €1,335-1,545/tonne FD (free delivered) w
($1 = €0.70)
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