US July PET will likely fall on declining feedstock

12 July 2012 22:11  [Source: ICIS news]

MIAMI, Florida (ICIS)--US polyethylene terephthalate (PET) prices in July will likely fall because of lower feedstock costs, although buyers and sellers disagree on the extent of the drop, sources said on Thursday.

A major producer said PET prices could fall by 1.50 cents/lb ($33/tonne, €27/tonne). 

However, a buyer anticipated that prices could drop by 4.00-5.00 cents/lb.

According to the producer, the amount by which PET prices will drop in July depends on the settlement of the July PX contract, which remains unsettled globally.

Last week, a buyer said the PET drop in July will be following continued weak demand.

Meanwhile, June PET domestic prices are assessed by ICIS at 78.00-83.00 cents/lb DEL (delivered), lower compared with 83.00-88.00 cents/lb from May.

PET producers in the US include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and Nan Ya Plastics.

($1 = €0.82)

By: Blanca Venegas

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