17 July 2012 22:11 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Latin America are expected to rise in August, although the drivers remain elusive, regional sources said on Tuesday.
In Colombia, a market participant heard that August prices might rise by $40-70/tonne.
However, sellers in Mexico are waiting for clearer direction from Asia and US before announcing August PET prices, according to local sources.
Sources said the uncertainty noted in PET markets in the Americas is a reflection of the volatility displayed in global markets.
The sources suggested that higher crude prices and the seasonal ramp-up in Asian textile production could be behind the rise in PET and feedstock prices in Asia in recent weeks, and these trends are, in turn, affecting discussion of August prices in Latin America.
Meanwhile, Latin American PET markets are expected to remain steady during the second half of July after declines noted at the beginning of the month, which lagged the earlier softening trend in Asia.
Demand throughout the Americas is gauged as weaker than expected, including in the northern hemisphere where the peak bottled-drink season is underway.
PET domestic prices in Mexico are assessed at $2,070-2,160/tonne (€1,677-1,750/tonne) DEL (delivered).
PET producers in Mexico are DAK Americas, Indorama and Mossi & Ghisolfi.
($1 = €0.81)
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