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European polyethylene terephthalate spot climbs on higher paraxylene expectations, shutdown

London (Platts)--13 Feb 2018 946 am EST/1446 GMT


European spot polyethylene terephthalate prices are edging higher on a combination of expectations of rising PX contracts, buoyant demand and a scarcity of resin on Equipolymers' planned March shutdown.

Spot PET prices on the continent were heard Tuesday in a range of Eur1,080-1,120/mt. Platts assessed the spot last week at Eur1,070/mt FD in Northwest Europe and at GBP965/mt FD in the UK.

"The market is rather short due to strong demand and reduced availability," a producer source said.

Bullish feedstocks lent further support to spot prices.

The MEG contract price ticked higher on the month on a cold snap in Europe boosting the need for anti-freeze.

The European February contract price of MEG initially settled up Eur33/mt at Eur997/mt ($1,241/mt) early in the month. The PX contract price is also expected to settle higher in coming weeks.

These expectations continue to push PET spot higher, a second producer source said.

PET resins maker Equipolymers is expected to conduct a four-week planned maintenance starting March 1 at its 160,000 mt/year capacity plant at Schkopau in Germany. This will lead to tighter availability in Europe.

--Antoine Simon, antoine.simon@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com


Download S&P Global Platts: European Petrochemical Outlook H1 2018

Higher crude oil prices and rising imports will be among the key drivers of European petrochemicals in 2018. Producers are braced for upstream cost increases and global competition, while buyers may face a challenging first half of the year as planned outages in the coming months tighten availability before new supply from competing regions arrives on European shores.

This special outlook report takes a look at the themes expected to shape markets in Europe for the year ahead.

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