14 March 2013 02:43 [Source: ICIS news]
MEXICO CITY (ICIS)--The drivers for polyethylene terephthalate (PET) price direction in recent months remain elusive, a market participant said on Wednesday.
Prices of PET and its raw materials rose strongly in Asia in the past few months, leading PET markets in the Americas. About two weeks ago, however, prices started to fall in Asia.
Industry participants in the Americas had questioned the earlier upward trend for PET prices in Asia because demand has been weak in the downstream fibre and bottle sectors for months, a participant said on the sidelines of the 18th annual Plastimagen international plastics exposition and conference.
About two weeks ago, prices of PET and feedstocks paraxylene (PX) and purified terephthalic acid (PTA) started to fall in Asia, raising questions among PET market participants and dampening earlier price increase initiatives in the Americas.
The source noted concerns about developments in Asia, and questioned when and at what level the downward trend would end.
Plastimagen ends on 15 March.
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