22 March 2012 08:57 [Source: ICIS news]
SINGAPORE (ICIS)--The spot prices of polyethylene terephthalate (PET) bottle-grade chips in east ?xml:namespace>
The prices of bottle-grade chips were assessed at yuan (CNY) 11,500-11,600/tonne ($1,820-1,835/tonne)
“We lowered our offer accordingly because the prices of pure terephthalic acid [PTA] and monoethylene glycol [MEG], both feedstocks of PET bottle-grade chips, decreased by a lot in this month,” a producer in east China said.
The feedstock prices had fallen because of weak demand, the producer added.
PTA spot prices were assessed at CNY8,480-8,520/tonne CIF (cost, insurance & freight) east
MEG spot prices were assessed at CNY7,330-7,370/tonne ex-tank east
“If the feedstock prices continue to fall in the next few days, the price of bottle-grade PET will fall accordingly,” a trader in east
In addition, the spot prices of bottle-grade chips are expected to drop further on weak demand from the downstream beverage bottle sector, because of the prolonged cold weather in much of
Downstream demand traditionally picks up in March as the weather turns warm because beverage bottle producers resume production in anticipation of higher demand in summer, added the player.
PET is used to make plastic bottles and polyester fibre.
($1 = CNY6.32)
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