04 November 2013 22:46 [Source: ICIS news]
HOUSTON (ICIS)--Polyethylene terephthalate (PET) export prices from Mexico to South America declined by $60/tonne (€44/tonne) for November, in line with weak Asian markets, regional sources said on Monday.
November PET is being quoted by suppliers in Mexico at $1,580/tonne CFR (cost & freight) Colombia, down from $1,640/tonne CFR Colombia in October.
The trend is in line with earlier projections, as PET prices in Latin America were expected to weaken in November and December, lagging the continuing softening trend for resin and feedstocks in Asia, according to industry participants.
The weakening dynamic of Asian markets was having a more immediate impact along the Pacific coast of South America, as Asia had been quoting lower prices to South American resin-importing countries during September and October.
However, the downtrend in Asia has been dampened and delayed in PET-producing countries in Latin America. PET domestic prices in Latin America had been largely steady from September through the end of October.
PET demand in Mexico and the US has been tapering with the end of summer as soft-drink consumption declines, while activity has been increasing in South America with rising temperatures.
PET producers in Latin America are Mossi & Ghisolfi (M&G), Indorama and DAK.
($1 = €0.74)
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