Prices in Europe for PET remained subdued last week. Rising upstream product costs coupled with weak production margins prompted sellers revise their offers upwards.

Resistance from buyers toward any increase was bound to be resisted.

A PET seller said, demand for spot purchases around Euro 1000 per metric ton mark is there, but buyer resistance builds up.

With buying on the rise and with upstream product costs increasing, a minimum price increase of Euro 100 per metric ton is necessary.

He said, the production will have to be reduced, if PET prices does not increase.

Asia has good export orders to the Middle East which is helping sellers of PET maintain prices above $1100 per metric ton FOB levels, with a firm upstream PTA and MEG feedstock costs.

Fibre2fashion.com