NEW YORK (ICIS)--Nan Ya Plastics has announced a 3.0 cents/lb ($66/tonne) increase for its US polyethylene terephthalate (PET) prices in July, a company official said on Thursday.
The announced increase is based on activity in Asia, where PET prices have been on the rise, and expectations that raw material prices will be very strong in July, the official said.
Some sources have previously said that there is a need for US prices to come up, as they lost ground in April when feedstock prices unexpectedly settled at a split.
Since then, PET has been on an upswing, as May prices saw a partial increase of 0.5-1.0 cents/lb and June prices are expected to settle up either by 1.0-1.5 cents/lb or closer to the 2.0 cents/lb hike that producers have targeted.
PET in the US market is primarily used to produce plastic beverage bottles rather than textiles, as the latter is not as big of an outlet in the US.
PET producers in the US include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and Nan Ya.