02 November 2011 17:08 [Source: ICIS news]
Correction: In the ICIS news story headlined “M&G plans November PET shutdown in Italy” dated 2 November 2011, please read in the fourth paragraph …Novapet in Spain is due to restart its 100,000 tonne/year unit … instead of … 30,000 tonne/year unit … A corrected story follows.
LONDON (ICIS)--M&G is planning to shut its 120,000 tonne/year polyethylene terephthalate (PET) line in Patrica, Italy, for 15 days of maintenance in November, a source at the PET producer said on Wednesday.
“The 15 days will cover the two central weeks in November,” the company source added.
The Patrica site has the capacity to produce 220,000 tonnes/year, according to ICIS, but is currently only operating one line, and it is this that is going down for maintenance.
Novapet in Spain is due to restart its 100,000 tonne/year unit during the first 10 days of November. The line in Barbastro is one of three offering a total capacity of 260,000 tonnes/year. It went down in September.
These outages come at a time of low demand for PET in Europe.
“Demand is very weak. Customers are standing back,” a second producer said.
Not only is it the traditional low season for bottle makers, but the dominant polyester market in Asia is also putting downward pressure on raw materials. Customers in Europe are therefore buying on a hand-to-mouth basis.
“Customers have more in stock than they had planned for,” a buyer in Italy said.
Industry players estimate that European plants are operating at around 75% of capacity because of this situation and PET manufacturers confirm that their plants are operating below capacity.
($1 = €0.73)
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