Houston (Platts)--18Jan2013/716 pm EST/016 GMT
DAK Americas will raise its polyethylene terephthalate resin prices by 4 cents/lb in February, according to a letter sent to customers Friday obtained by Platts. "The announcement is necessary due to continued upward pressure on the price of raw materials," the letter states. US producers of PET feedstock monoethylene glycol have nominated 3-4 cents increases for February, according to industry sources. January contracts for terephthalic acid settled this week at 67.22 cents/lb ($1,482/mt), up 2.83 cents/lb following Thursday's 4 cents/lb increase in the US paraxylene contract settlement, sources said. US PET producers nominated 5 cents/lb increases for January, with US contracts unsettled Friday. Multiple sources have said that a smaller increase -- possibly in the 3-3.5 cents/lb range -- is likely. December PET contracts were assessed at $1,796-1,818/mt US railcar (81.5-82.5 cents/lb).--Chris Ferrell, christopher_ferrell@platts.com --Edited by Keiron Greenhalgh, keiron_greenhalgh@platts.com