Brazil PET prices rise $120/tonne in February on feedstocks

23 February 2011 19:58  [Source: ICIS news]

HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Brazil rose $120/tonne (88/tonne) this month on two consecutive initiatives, local sources said on Wednesday, driven by higher worldwide resin prices and by pressure from feedstocks.

The implemented price increases were staggered at $50/tonne on 1 February and $70/tonne on 7 February.

Additional PET price hikes were nominated for next month in Brazil, at $100/tonne for 1 March and $50/tonne for 7 March, on strong support from pricing direction in Asia, Europe and elsewhere in the Americas.

The initiatives in Brazil have been driven by relentless global cost pressure from PET and feedstocks paraxylene (PX), purified terephthalic acid (PTA) and ethylene glycol (EG), buyers and sellers said.

Some participants suggested that additional price hikes were being considered for April at yet undetermined levels.

Despite the price increases, PET demand in Brazil remained strong during the current peak season and on approach of the Carnival holidays, participants said.

After the two February price increases, PET prices in Brazil are assessed at $2,140-2,180/tonne DEL, according to ICIS.($1 = €0.73)

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By: Ron Coifman
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