06 November 2012 23:12 [Source: ICIS news]
HOUSTON (ICIS)--A $100/tonne (€78/tonne) price increase proposed for November polyethylene terephthalate (PET) in Argentina has been fully implemented, following earlier market dynamics in Asia, sources said on Tuesday.
Domestic PET prices in Argentina are assessed at $2,320-2,420/tonne DEL (delivered) after the November increases.
PET prices rose by $70/tonne in early October and by $60/tonne in September.
Although PET activity is rising during the peak season for bottled drinks, and general consumer demand in Argentina is gauged as steady, market sentiment is tempered by moderate weather and an uncertain political and economic climate, sources said.
Industry participants said that regulations restricting the purchase of foreign currency are hurting imports of raw materials, machinery and equipment parts. The US dollar stands at Argentine pesos (Ps) 4.77, according to the official exchange rate, but the so-called blue dollar, the unofficial parallel exchange rate, is at around Ps6.40.
The market outlook for PET is otherwise mixed in Latin America, with steady pricing into November in some countries and price hikes under negotiation in others, according to market participants.
While increases have been announced in Argentina and Mexico, regional sources noted steady pricing in Brazil, Colombia and in countries along the Pacific coast of South America in early November.
PET producers in Latin America are DAK Americas, Indorama and Mossi & Ghisolfi (M&G).
($1 = €0.78)
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