Latin America November PET may fall on lower Asian pricing
25 October 2011 22:52 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in ?xml:namespace>Latin America for November will likely decline, driven by a previous drop in Asian prices, industry sources said on Tuesday.
Earlier, Asian prices fell for PET, spot paraxylene (PX) and purified terephthalic acid (PTA). PET prices in Latin America generally lag those in Asia.
In fact, Latin American PET prices rose in October, following earlier increases in Asia.
Price levels for November have not yet surfaced in Latin America, but participants agree that prices will fall next month, in keeping with the trend.
Latin American PET buyers are waiting for November offers before resuming resin purchases. Meanwhile, processors are consuming inventories.
Despite rising demand in the southern region of South America as the weather warms and the peak bottle-drinking season begins, lower Asian prices are expected to be the key driver for Latin American prices in November.
Domestic PET prices in Argentina are assessed at $2,130-2,230/tonne (€1,534-1,606/tonne) DEL (delivered) in October, as assessed by ICIS.
In Mexico and the US, demand is declining with cooler weather, but participants said business remains healthy. Domestic PET prices in Mexico are assessed at $2,280-2,430/tonne DEL.
($1 = €0.72)
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