28 February 2013 23:07 [Source: ICIS news]
HOUSTON (ICIS)--US polyethylene terephthalate (PET) producers nominated increases of 2 cents/lb ($44/tonne, €33/tonne) for March, sources said on Thursday.
However, sources said they doubt that the full increase will be realized for March because the first paraxylene (PX) Asian Contract Price (ACP) settlement for that month came in $15 lower than the current PX ACP.
“PET producers have announced 2 cents/lb increases for March, but taking into account current raw material movement in Asia, we expect that it will be withdrawn in couple of weeks,” said a PET buyer.
PX is used to manufacture purified terephthalic acid (PTA), which is a principal feedstock in PET production.
US PET prices are usually determined once the feedstock PX and PTA contract prices are known. US PX contract pricing and the downstream PTA contract generally follow trends in the PX ACP.
PET is used in plastic bottle production and in textiles.
($1 = €0.76)
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