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Asia PET up USD 50-70/tonne

August 03/2011

(ICIS) -- Asian polyethylene terephthalate (PET) bottle chip producers hiked their offers for August to at least USD 1.700/tonne (EUR 1.190/tonne) this week, USD 50-70/tonne higher than last week's assessed prices, on the back of surging raw material costs, industry sources said on Wednesday.

Offers from two Chinese producers advanced to USD 1.700-1.720/tonne FOB (free on board) China, from last weeks level of USD 1.650/tonne FOB China. Some deals were heard concluded at USD 1.670-1.680/tonne FOB China early this week for exports to South America and Africa. But a producer has yet to conclude deals at the new offer level. 

PET offers in Asian on Wednesday were up USD 50/tonne from the start of the week, while some sellers refrained from making offers given the ongoing instability in raw material costs. Market sources expect one PET producer will likely resume offers this afternoon at USD 1.720/tonne FOB NE (northeast) Asia.

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