24 October 2013 22:41 [Source: ICIS news]
NEW YORK (ICIS)--US polyethylene terephthalate (PET) prices were assessed slightly down for October because of lower feedstock prices, market sources said on Thursday.
Some market participants settled their October PET prices at declines of 0.5-1.0 cent/lb ($11-22/tonne, €8-16/tonne). Other participants are still settling their price agreements, they said.
At least one participant said it was too early to finalise its PET prices as the upstream paraxylene (PX) October contract was settled only last week. This participant is aiming for a rollover.
Previous expectations were for a rollover in October PET prices, market sources said.
The US PX October contract was settled down by 2 cents/lb from September, which took the US purified terephthalic acid (PTA) October contract price down by 1.34 cents/lb on a formula-based correlation.
Feedstock PX/PTA prices, and consequently PET prices, have been under downward pressure from softer price trends in the Asian market and a long supply situation in the US market, sources said.
October PET prices were assessed by ICIS at 86.5-92.0 cents/lb stretch-blow moulding (SBM) delivered (DEL), down from 87.0-93.0 cents/lb SBM DEL in September.
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 = €0.73)
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