PET prices in Argentina decline on Asian market direction

06 July 2011 02:23  [Source: ICIS news]

HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Argentina weakened in early July and are likely to drop further during the month, in line with the global resin and feedstocks markets in Asia, sources said on Tuesday.

In Argentina, bottle-grade PET domestic prices are down by $50/tonne (€35/tonne) from June to a minimum of $2,150/tonne DEL (delivered), according to local sources.

Prices continue to weaken and have been heard as low as $2,050/tonne DEL.

This is a reflection of prices in the Asia-Pacific region, where bottle-grade PET fell by as much as $40/tonne last week because of declines in the prices of feedstock purified terephthalic acid (PTA), heavily reduced Chinese offers, weak sentiment and the beginning of the seasonal lull.

PET prices in South America face additional downward pressure from soft demand during the current off-season, sources said, because of the unusually cold weather affecting Argentina, Chile and parts of Brazil.

A source said that although the Argentinean market is following winter dynamics, it is gradually become more active.

PET prices in Argentina are assessed at $2,200-2,300/tonne DEL this week, according to ICIS.

($1 = €0.69)

For more on PET, visit ICIS chemical intelligence

By: Ron Coifman
+1 713 525 2653

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