US PET prices rise 3 cents/lb in January on feedstocks

    HOUSTON (ICIS)--US polyethylene terephthalate (PET) prices rose by 3 cents/lb in January over December, on higher prices for feedstocks paraxylene (PX) and purified terephthalic acid (PTA), sources said on Thursday.

January US PET prices were assessed at 86.71-88.71 cents/lb ($1,912-1,956/tonne, €1,415-1,447/tonne) after the increases, according to ICIS.

One PET producer announced a second 3 cent/lb hike, effective in mid-January. However, sources said that the additional January increase was not industry-wide and would probably be seen only for sales above regular volumes.

Nominations for February PET were up by as much as 9 cents/lb, as sellers attempted to keep pace with surging feedstock values and protect threatened margins.

Feedstock PTA January contract prices rose to 60.55-60.65 cents/lb DEL (delivered) from 55.41-55.51 cents/lb DEL in December on climbing feedstock PX values, sources said.

The January US PX contracts settled 7 cents/lb higher this week at 70 cents/lb, in line with price movements in Asia.

Asian spot PX prices stood at $1,585-1,595/tonne CFR (cost and freight) Taiwan/China Main Port (CMP) on 14 January, up $150/tonne week on week. 

The January PX Asia Contract Price (ACP) remained settled at $1,380/tonne, $105/tonne higher from December.

US PET producers include DAK Americas, Eastman Chemical, Indorama, Invista, Mossi & Ghisolfi, Nan Ya and Wellman.

($1 = €0.74)