04 December 2012 22:31 [Source: ICIS news]
HOUSTON (ICIS)--PET prices in Argentina rose by $30/tonne (€23/tonne) beginning on 1 December supported by healthy demand, sources said on Tuesday.
Discussion for December had started with a proposed $50/tonne hike.
The firming trend continued from a $100/tonne price increase in November, $70/tonne in October and $60/tonne in September.
PET business is strong in December on year-end holiday beverage demand. Sources said resin activity could remain healthy if warm weather holds up into January.
Industry and commerce in Argentina continue to face labour unrest and currency regulations that slow imports, sources said. Intended government legislation on the media that could restrict ownership of both TV and radio communications by a sole owner will be decided this week.
The official exchange rate stands at Ps4.84 per US$, but the so-called blue dollar, the unofficial parallel exchange rate, is at around Ps6.44.
PET domestic prices in Argentina for December are assessed at $2,350-2,450/tonne DEL (delivered).
Elsewhere in Latin America, PET prices largely rolled over from November, regional sources said.
PET producers in Latin America are DAK Americas, Indorama and Mossi & Ghisolfi.
($1 = €0.77)
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