As expected, European PET resins prices continued to follow paraxylene (PX) feedstock upward in December, the newsletter Plastics Information Europe (PIE, Bad Homburg / Germany; www.pieweb.com) says in its latest report. PX rose by EUR 60/t, polymer by EUR 45/t. Pressure from Asian imports continued to ease, giving European producers some margin relief. This, coupled with capacity cuts, helped reduce the supply overhang. Demand was relatively unchanged, but local producers took a bigger share of orders.
PX movements will remain the dominating factor in January, says PIE, adding that resins producers will seek hikes of EUR 30/t.