12 November 2012 19:56 [Source: ICIS news]
RIO DE JANEIRO (ICIS)--Polyethylene terephthalate (PET) prices in Brazil are expected to remain stable through the end of 2012 on support from a balanced domestic market and steadier Asian prices in November, an industry participant said on Monday.
PET prices in Brazil firmed in recent months, tracking rising resin and feedstock prices in Asia and other regions. The current trend is driven by ample resin inventories in the country and recent shipments from Asia, the source said on the sidelines of the Latin American Petrochemical Association (APLA) annual meeting.
Additionally contributing to a steady Brazilian market, the threat of cheap PET pre-form imports from Uruguay and Paraguay is discouraging the local PET producer from proposing any price increases for November and December, the source said.
No duty and no anti-dumping taxes are applied in Brazil on PET pre-forms imported from Uruguay and Paraguay, according to the source.
PET demand in Brazil is rising on seasonality, in line with the hot weather and the peak season for bottled drinks, the source added.
The APLA conference ends on Tuesday.
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