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Stock market turmoil, volatile crude stall Asia PET trades

August 10/2011

(ICIS) -- The turmoil that swept through global stock markets and the resulting slump in crude futures stalled trades in the Asian polyethylene terephthalate (PET) bottle chip markets this week, industry sources said on Wednesday.

Several northeast Asian producers maintained price ideas at around USD 1.700/tonne (EUR 1,190/tonne) FOB (free on board) Asia on Wednesday, similar to Fridays levels, with market players at a loss on where prices are headed.

Spot PET trading in Asia came to a virtual standstill by Tuesday afternoon as the slump in crude futures curbed firm discussions between producers such as South Koreas SK Chemicals and Taiwans Far Eastern Group and their customers in the main export markets.

Several PET producers were reluctant to revise down price ideas because they had settled their raw material prices prior to the global stock market rout.

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