European markets witnessed a sharp drop in Polyethylene Terpthalate (PET) prices last week, as Paraxylene (PX) prices lay low followed by poor demand during the season.
Trade sources believe year-end decline in the prices are expected even though markets in Asia are riding on demand that have pushed the prices marginally higher, there. As for January, trade sources opined that forecast for European markets was a bit too early.
PET prices in November eased by over Euro100 per metric ton, rounding off in the lower range at Euro1100 per metric ton FD mark to the discomfort of producers who sought to cut their operating costs for results.
Europe also saw higher Mono Ethylene Glycol (MEG) and Purified Terpthalic Acid (PTA) feedstock costs that led to enhanced buyer queries with quotes pegged at US $1050 per metric ton FOB levels.
Market was also abuzz with Indian operators offering stocks at $1070 per metric ton FOB levels.
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