01 August 2013 23:30 [Source: ICIS news]
NEW YORK (ICIS)--Producers in the US polyethylene terephthalate (PET) market are pushing for 3 cents/lb ($66/tonne, €50/tonne) price increases for August on the expectation that feedstock prices will also rise in August, sources said on Thursday.
One buyer said he does not think that the full increase will go through, but agrees that prices will likely rise in August.
Indorama and NanYa Plastics confirmed that they have announced 3 cent/lb price hikes.
A buyer said DAK Americas issued a price announcement for the same increase, but DAK representatives were not available to confirm.
Mossi & Ghisolfi does not discuss pricing.
The August increase follows a mixed July, where some sellers and buyers agreed to a 1 cent/lb price decline and others agreed to a price roll over from June.
July was a mixed month for PET because the upstream paraxylene (PX) contract price, and therefore the purified terephthalic acid (PTA) contract price, did not fully settle until 31 July, and PET market players were waiting for it.
With the 1 cent/lb decline, July PET prices were assessed in the range of 82.50-87.50 cents/lb SBM (stretch blow moulding) DEL (delivered).
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 = €0.75)
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