03 October 2012 11:22 [Source: ICIS news]
(recasts, clarifying fourth paragraph)
LONDON (ICIS)--Spain's Novapet has shut down the largest of its polyethylene terephthalate (PET) plants in Barbastro, Spain, for a planned 41-day shutdown, a company source said on Wednesday.
"The shutdown has been planned from the beginning of the year and has nothing to do with the market situation," the source said, speaking in Spanish.
The 130,000 tonne/year unit began the process of shutting down on 27 September.
The source said it will be down until the beginning of November "pending any surprises".
The peak campaign season for PET bottles is over, and demand overall has been and remains poor.
PET production costs are still on the rise, putting further pressure on producers to try and improve margins.
"Prices are at an historic high but we have no margin," the producer said, echoing comments made by other industry players.
Novapet also operates a 100,000 tonne/year PET plant which was shut down for maintenance in May this year, and a 30,000 tonne/year specialty grade PET line. Both plants are also in Barbastro.
($1 = €0.77)
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