15 September 2010 22:50 [Source: ICIS news]
HOUSTON (ICIS)--At least two US polyethylene terephthalate (PET) producers have told customers that prices will increase by 2 cents/lb ($44/tonne, €34/tonne) in October, sources said on Wednesday.
One of the producers said the October hikes were driven by uncertainty in the direction of feedstock pricing leading into next month.
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Producers have been struggling with margins for most of the year and have attempted sustain profitability during the high-demand season.
The announcement pre-empted both a settlement in the upstream paraxylene (PX) contract and PET benchmarks for September.
Producers continue to seek an increase of 3 cents/lb on September PET orders. However, without a raw material contract settlement in US September PX, it will most likely be at least two weeks before the contract price of PET is established for the current month.
($1 = €0.77)
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