US polyethylene terephthalate producers Dak Americas and Nan Ya Plastics issued 6 cents/lb bottle resin increases for August Monday, while Indorama and M&G Polymers nominated price hikes of 5 cents/lb, industry sources said.
"We'll get some of the increase because of raw material increases, but we're not sure how much," a producer said.
US PET prices tend to follow moves in feedstock paraxylene and monoethylene glycol costs, and both products are on an upward curve, according to Platts data.
As US PX and MEG prices typically track moves in Asia, US participants keep an eye on the Asian spot market to get an indication of what is likely coming for the US.
So far in July, spot PX in Asia has increased $133.50/mt to be assessed at $1,405/mt CFR Taiwan/China Monday. MEG is up $43/mt over the same period to a Monday assessment of $914/mt CFR China.
MEGlobal has already announced a 2 cents/lb ($44/mt) MEG increase for the US in August, a buyer said, but participants were not sure how much PX would increase next month.
"We don't even know what July is yet for PX so we have no clue how much higher August will be, but with spot going up, the contract will likely go higher," a PET maker said.
July's PET prices were still under negotiation, but June's contracts were talked at 77-78 cents/lb delivered.
