14 July 2011 12:42 [Source: ICIS news]
LONDON (ICIS)--European polyethylene terephthalate (PET) producers are determined that the downward price trend will be reversed in August because of fewer competitive imports, sources said on Thursday.
“August will indicate that prices have reached the bottom, and will go up,” a major producer said.
Other suppliers concurred, adding that anything from a roll-over to a slight increase from July levels would be acceptable.
“There is a possibility for a correction for August, but I cannot tell what it will be yet,” a second seller added.
Feedstocks are firming in
Exchange rates could get in the way of an upward push on prices, but for now higher numbers seem possible to achieve, a third producer commented.
So far in July, freely-negotiated PET prices have come down by €25–40/tonne ($35–56/tonne) from mid-June, resting at €1,300/tonne FD (free delivered)
($1 = €0.71)
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