Mexico PET rises 7 cents/lb in March on feedstocks

09 March 2011 21:27  [Source: ICIS news]

HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Mexico rose by 7 cents/lb ($154/tonne, €111/tonne) for March, driven by global pressure on the resin and its feedstocks, sources said on Wednesday.

PET prices in Mexico stood at $1,940-2,000/tonne DEL (delivered) before the March price increase, as assessed by ICIS.

paraxylene (PX) prices also continue to rise. The benchmark Asian Contract Price (ACP) for PX settled $35/tonne higher at $1,655/tonne CFR (cost and freight) Asia on tight supply and strong demand.

Previous ACP PX settlements were $1,620/tonne CFR for February and $1,380/tonne CFR for January.

Market participants also focused on the effect that ruined cotton crops in Pakistan are having on global fibre- and bottle-grade polyester demand and availability.

With reduced global cotton availability, textile markets are pushing for increased production of the alternative polyester fibre, which in turn drives production away from bottle-grade polyester, or PET.

PET producers in Mexico are Indorama and Mossi & Ghisolfi.

($1 = €0.72)

For more on PET, visit ICIS chemical intelligence

By: Ron Coifman
+1 713 525 2653

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