03 October 2013 22:45 [Source: ICIS news]
NEW YORK (ICIS)--US polyethylene terephthalate (PET) prices for September were finalised earlier this week at 2.5-3.0 cent/lb ($55-66/tonne, €41-49/tonne) increases from August levels, market sources said on Thursday.
PET prices for September were assessed at 87-93 cents/lb stretch-blow moulding (SBM) delivered (DEL).
Market participants had been awaiting the September settlement for the upstream paraxylene (PX) contract price before finalising their PET prices, they previously said.
Producers were targeting September increase of 3 cents/lb and 4 cents/lb.
PX was settled late in September at a 2 cent/lb increase, which took the downstream purified terephthalic acid (PTA) September contract price up to the published range, on a formula-based correlation.
Market players expect PET prices to trend flat to slightly down in October, following raw material trends.
Demand remains modest as downstream PET bottle makers enter their slow 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 = €0.74)
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