26 June 2012 21:47 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Brazil are expected to fall by at least $100/tonne (€80/tonne) in July, driven by weaker resin and feedstock markets in Asia, resin buyers said on Tuesday.
Discussions for July are in the initial stages, and a specific price drop was not available, according to the sources.
Participants hoped the immediate price drop will be substantive in order to reactivate the market, instead of a gradual decline that would keep buyers on the sidelines.
Local sources said processors are currently consuming inventories, rather than buying fresh resin, amid expectations of lower resin prices.
PET prices in Brazil are projected to continue softening into August-September, according to market participants.
PET domestic prices in Brazil are assessed at $1,900-2,000/tonne DEL (delivered), on input from sources, following the $30/tonne decline in the first days of June and the loss of the Brazilian real against the dollar.
The PET producer in Brazil is Mossi & Ghisolfi.
($1 = €0.80)
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