US PET drops 5 cents/lb in June on weaker feedstocks
28 June 2012 22:54 [Source: ICIS news]
MIAMI, Florida (ICIS)--US polyethylene terephthalate (PET) June prices moved down by 5 cent/lb ($110/tonne, €88/tonne), following weaker feedstock costs and sluggish demand, market participants said on Thursday.
June PET domestic prices were assessed by ICIS at 78.00-83.00 cents/lb ?xml:namespace>DEL (delivered), lower compared with 83.00-88.00 cents/lb in May.
While a major US producer and buyer agree with the 5-cent/lb drop in June, another major producer said PET prices have been seen lower at 75.00-78.00 cents/lb, following an increase in Asia imports in the US.
Upstream, the US paraxylene (PX) June contract settled at 67.50 cents/lb, down by 9.00 cents/lb from May, following a lower June Asian Contract Price (ACP) for PX.
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 = €0.80)By: Blanca Venegas713-525-2653
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial
to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free
trial to ICIS Chemical Business.