Temperatures in Peking are at or below freezing this week but the prices there and throughout Asia for PET are warming up as the region's beverage industry prepares for the coming summertime rush on bottled beverages. In Asia, spot polyethylene terephthalate (PET) prices ended the year on a rising trend, with industry insiders predicting that prices will continue to firm up in the days ahead.
This is according to the plastics pricing mavens at Chemorbis (Istanbul, Turkey), who shared their insight with Plasticstoday.com. In addition to finding support from stronger upstream costs, reports Chemorbis, PET sellers are also reporting improved demand inside Asia as beverage manufacturers within the region began ramping up their rates in the final week of 2010 in order to begin preparations for the Chinese New Year holidays, which will begin at the start of February. Converters commented that they have become more active in the market these days, although they added that they remain hesitant to purchase in large quantities given the uncertain economic environment....