13 August 2013 23:03 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) offers from China to the Pacific coast of South America were heard at $1,530-1,550/tonne (€1,148-1,163/tonne) CFR, up from $1,490-1,510/tonne CFR two weeks ago, sources said on Tuesday.
Latin American industry participants are monitoring developments in Asia, where spot prices for PET and upstream monoethylene glycol (MEG), paraxylene (PX) and purified terephthalic acid (PTA) have been gradually trending up in the past several weeks.
Prices in Latin American PET producing or importing countries tend to track market dynamics in Asia, although mostly at a lag. PET importing countries along the Pacific coast of South America are usually the first in the region to be affected by the changes in Asian markets.
PET prices in other countries in Latin America remain relatively stable in August from July, but market participants noted concern about rising prices in Asia.
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 producers in Latin America are Mossi & Ghisolfi (M&G), Indorama and DAK.
($1 = €0.75)
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