Korean PET imports in Chile down as much as $100/tonne

22 September 2009 17:37  [Source: ICIS news]

HOUSTON (ICIS news)--Traders offered polyethylene terephthalate (PET) from Korea as much as $100/tonne (€68/tonne) lower from last week to buyers in Chile, local participants said on Tuesday.

PET business was confirmed done in Chile at $1,180/tonne CFR (cost and freight) Chile port for material from Korea, according to a source in South America.

However, traders’ offers were heard even lower at $1,150/tonne CFR Chile port.

These quotes were down from $1,200-1,250/tonne CFR Chile port one week ago, the source said.

Demand in Chile was increasing due to the approach of the Southern Hemisphere's summer, the high season for soft drinks. Demand had improved from the first semester, which was estimated at 30% under the same period last year, according to local sources.

Annual PET consumption for 2009 in Chile was predicted at 50,000-55,000 tonnes, down from approximately 65,000 tonnes in 2008, industry participants said.

($1 = €0.68)

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By: Ron Coifman
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