05 February 2013 21:40 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) prices in Brazil rose by $85/tonne (€63/tonne) in February on full implementation of the local producer’s initiative, driven by firm Asian markets, and supported by strong domestic demand and tight supply, local sources said on Tuesday.
An allocation on domestic PET was in place with volumes reduced by around 15% after strong sales in December and January, and participants noted delays on some shipments. It is not yet known when the allocation on PET will be lifted, sources said.
Demand is expected to remain steady until after the Carnival celebrations on 8-12 February, extended in some regions until 16 February. However, sources said demand has weakened in the southeast region because of heavy rains.
February PET domestic prices in Brazil, after the $85/tonne hike stand at $2,055-2,155/tonne DEL (delivered).
January PET prices were up from December by $70/tonne.
The PET producer in Brazil is Mossi & Ghisolfi (M&G).
($1 = €0.74)
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