PET prices in Brazil soften on slow demand

12 July 2011 22:40  [Source: ICIS news]

HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices continued to slide in Brazil, driven by weaker demand and by Asian markets’ downward direction, regional participants said on Tuesday.

Last assessed domestic prices for PET in Brazil stood at a minimum of $2,210/tonne DEL after dropping $60/tonne in the first week of July, according to ICIS.

This week, however, sources said PET values were as low as $2,190/tonne DEL.

Sources noted that the cold weather, government initiatives to reduce inflation, high interest rates and deceleration of the economy are dampening already slow demand for bottled drinks.

The southern hemisphere's winter has been particularly cold in Brazil, with snow and temperatures at 2-3°C reported in Santa Catarina state this week.

($1 = €0.71)

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By: Ron Coifman
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