30 January 2014 21:08 [Source: ICIS news]
NEW YORK (ICIS)--One market participant has rolled over its US polyethylene terephthalate (PET) prices for January amid overall market expectations that prices will remain steady from December, the source said on Thursday.
There were no other confirmed price agreements this week as market players remain in ongoing discussions.
PET prices are in the range of 84.50-90.00 cents/lb ($1,863-1,984/tonne) stretch blow-moulding (SBM) DEL (delivered), which has held steady since November.
Both buyers and producers are largely targeting rollovers in PET prices for January on the back of relative stability in the upstream paraxylene (PX) market, which decreased only slightly by 0.25 cent/lb in January from December.
Several buyers and suppliers have said they were still in price discussions for January PET and that all discussions centre around a rollover.
As of last week, at least one producer has yet to begin talking to customers and had no update this week on the status of its negotiations.
The slight decline in the upstream January PX contract shifted the feedstock purified terephthalic acid (PTA) January contract price down slightly as well on a formula-based correlation.
Though winter is typically a downtime for PET demand, one market player said demand picked up in January and expects improvement to continue in February.
Other players noted that the PET peak demand season normally begins in March or April and lasts through August.
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.
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