US PET up by 4-5 cents/lb for February on feedstock increases

01 March 2012 23:24  [Source: ICIS news]

HOUSTON (ICIS)--February polyethylene terephthalate (PET) contracts moved up by 4-5 cents/lb from January, following higher feedstock prices, market participants said on Thursday. 

February prices under the new assessment rose to 84-89 cents/lb ($1,852–1,962/tonne, €1,389-1,472) DEL (delivered), according to input by industry sources.

Some players said the increase from January to February had been closer to 4.5-5 cents/lb. However, this was unconfirmed.

According to a trader, prices are projected to increase by 3 cents/lb in March, alongside higher feedstock prices.

Upstream, the US paraxylene (PX) February contract settled at 79 cents/lb, up by 7 cents/lb from January, following price movements in Asia.

PX is a feedstock for purified terephthalic acid (PTA), which in turn is the principal feedstock for PET.

PET producers in the US include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and Nan Ya Plastics.

($1 = €0.75)

By: Blanca Venegas

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