06 August 2013 21:47 [Source: ICIS news]
HOUSTON (ICIS)--Price increases of about 2 cents/lb ($44/tonne) are being discussed for August polyethylene terephthalate (PET) in Mexico, down from initial proposals of a 3 cent/lb hike, sources said on Tuesday.
The increase initiatives for domestic and export business are driven by direction from firming resin and feedstock markets in Asia, according to the local sources.
August PET prices in Mexico remain under negotiation, as buyers are resisting the proposed hikes citing weak soft-drink and bottle demand.
In other Latin American countries, mainly Argentina and Brazil, PET prices are being talked at a rollover from July into August, according to sources.
PET demand in Latin America is stable but not stellar amid adequate availability, whether in the peak season for bottled drinks in North America or the off-season in South America, sources said.
PET domestic prices for July in Mexico are gauged at $2,090-2,190/tonne (€1,568-1,643/tonne) (delivered).
PET producers in Latin America are Mossi & Ghisolfi (M&G), Indorama and DAK.
($1 = €0.75)
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