14 August 2012 23:37 [Source: ICIS news]
HOUSTON (ICIS)--At least one polyethylene terephthalate (PET) producer has implemented a 5 cent/lb (€110/tonne, €89/tonne) increase in Mexico for August as a result of higher feedstock costs and market dynamics in Asia, local sources said on Tuesday.
The increase is the result of full implementation of seller initiatives, although some exceptions were heard at a 4.5 cent/lb hike.
Participants noted that PET consumers purchased heavily in July in anticipation of the August hikes, and some processors may not need to buy resin this month.
Mexico’s domestic PET prices declined by 5 cents/lb in July and by 4.5 cents/lb in June.
PET demand is gradually rising, but remains far from stellar, during the peak soft-drink season, sources said.
August PET domestic prices in Mexico are assessed at $2,180-2,270/tonne DEL (delivered) after the increases.
PET producers in Latin America are DAK Americas, Indorama and Mossi & Ghisolfi.
($1 = €0.81)
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