US PET producers seek 2 cent/lb increase for October

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.

PET demand in the US was healthy throughout the peak summer months and continued into September, sources said.

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.

US PET producers include Dak, Eastman, Indorama, Invista, Mossi & Ghisolfi, Nanya and Wellman.

($1 = €0.77)

For more on polyethylene terephthalate (PET) visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect 

By: Ryan Hickman
+1 713 525 2653

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