25 July 2013 23:26 [Source: ICIS news]
NEW YORK (ICIS)--US polyethylene terephthalate (PET) prices are seeing mixed settlements for the month of July, with some prices down and some deals concluded at a rollover from June prices, sources said on Thursday.
Some market sources saw PET July pricing decline by at least 1 cent/lb ($22/tonne, €17/tonne). With the decline, July PET prices were assessed in the range of 82.50-87.50 cents/lb stretch blow moulding (SBM) delivered (DEL).
The movement followed expectations that the upstream US paraxylene (PX) July contract price will also settle down by that amount.
Another source said he concluded some of his July PET deals at a rollover from June prices and concluded other deals at the 1 cent/lb decline.
Yet another source said his deals are not yet finalised, as he is waiting to hear further input from the market.
Looking forward, PET prices might see a reverse in August and rise back up by a similar amount as the July decrease, sources said.
US PX price negotiations are typically based on pricing trends in the PX ACP, and US PET pricing is influenced by the monthly settlement in the US PX contract price.
Meanwhile, demand in the US PET market did not rise as strongly as the market expected during the warm weather peak season.
PET is used in plastic bottle production and in textiles.
PET producers in the US include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and Nan Ya Plastics.
($1 = €0.76)
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