23 October 2012 21:44 [Source: ICIS news]
HOUSTON (ICIS)--A polyethylene terephthalate (PET) producer is proposing a 3 cent/lb ($66/tonne, €51/tonne) price increase in Mexico for November, driven by firm Asian markets for resin and feedstocks, local sources said on Tuesday.
Domestic PET prices in Mexico are expected to remain unchanged through the end of October at $2,350-2,440/tonne DEL (delivered), following a 4 cent/lb increase early this month, tracking resin and feedstock costs in the US and Asia.
The PET market in Mexico is slowing on seasonality as peak summer demand for bottled drinks ended and the weather cools. However, participants expect an uptick prior to the year-end holidays.
Industry sources continue monitoring the effect that emerging November resin and feedstock prices in the US and Asia might have on corresponding prices in Latin America, sources said.
PET for export to Colombia and Venezuela is offered at $1,600-1,680/tonne FOB (free on board) Mexico.
October PET for Venezuela is quoted at $1,760-1,780/tonne CFR (cost and freight) Venezuela, up from $1,720-1,740/tonne CFR Venezuela in August and $1,620-1,640/tonne CFR Venezuela in July.
PET producers in Latin America are DAK Americas, Indorama and Mossi & Ghisolfi (M&G).
($1 = €0.77)
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