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 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 Venegas

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