LONDON (ICIS)--Domestic prices are unchanged for European polyethylene terephthalate (PET) this week, although there is some softer sentiment due to the perception of new volumes being likely to enter the market in the near future, market sources said on Friday.
A couple of players said that they expect increasing volumes of imports to soon become available from regions outside Europe, including Egypt, although others denied this was likely to happen, citing the numerous delays which have already taken place in setting up a new PET plant there.
Demand is described as good, with some players saying that they have not seen any real softening due to the summer holiday period. Overall, there is a perception that the situation is still fairly balanced.
Most players have not yet concluded their contract negotiations for film or bottle grade material due to a split settlement in feedstock paraxylene (PX), with some players stating that they expect prices to be influenced by the upcoming Asian August settlement.
One producer said that it is fully sold out of bottle grade PET due to strong demand. It also said that the second PX situation may be resolved by the second settlement in July being allowed to stand for August as well.
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