11 September 2012 17:35 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Argentina for September rose by $60/tonne, supported by the increasing costs of feedstocks and resin prices in Asia, regional sources said on Tuesday.
PET domestic prices firmed to $2,150-2,250/tonne (€1,677-1,755/tonne) DEL (delivered) this month on full implementation of the increase initiative by local producer DAK Americas.
Buyers only offered token resistance because of persistent pressure from the trend in other global regions, particularly in Asia, while demand in Argentina strengthened on the approach of the peak season.
Other Latin American PET markets firmed this month with higher prices noted in Mexico, Brazil, Colombia and Venezuela.
The amounts of the increases varied depending on country, but were driven by the same factors as in Argentina.
Demand was slowing in Mexico and the US as the peak bottled-drink season was coming to an end, but business in South America was picking up on approach of summer.
PET producers in Latin America are DAK Americas, Indorama and Mossi & Ghisolfi.
($1 = €0.78)
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