02 April 2012 00:40 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Fading demand elsewhere is prompting Asian polyester fibre producers to flood markets in Latin America, raising protectionist sentiment in the textile industry, a Peru-based fibre producer said on Sunday.
Feedstocks in the polyester chain - especially para-xylene (PX) and purified terephthalic acid (PTA) - are faced with soft downstream demand, and producers in China and elsewhere in Asia have been trimming their operating capacities.
Some factory closures in Brazil in particular are an alarm that is getting political attention and stirring calls for protectionist trade policies in the region, the Peru-based producer said on the sidelines of the International Petrochemical Conference (IPC).
Most Chinese producers of PTA settled their March contracts at yuan (CNY) 9,150-9,200/tonne ($1,452-1,460/tonne), about 3% lower than February contracts.
($1 = CNY6.30)
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