PET prices likely to stabilize in Mumbai market in the coming days on fresh supplies, firm demand – 9 Jan 2014

The shortage of the PET material, prevailed in the Mumbai market during the last few days, has now eased with traders receiving fresh supplies of the material. Market participants, thus, expect that price of the PET material will stabilize in the market in the coming days. On the PET trading atmosphere in the market, a trader told Indianpetrochem, " Producers have released fresh PET supplies, so the shortage of the material has now eased." He further said," Demand is currently moderate, but it is likely to strengthen in the coming days." 
 

A PET bottle manufacturer said," We are continuing to implement the need-based raw material procurement strategy. We also expect the price of the raw material to stabilize in the days to come."
 

In India, demand for PET has been growing in excess of 20% annually. On the supply side, the total production capacity in the country is at 1,662 metric tonne, with Reliance Industries Limited, JBF Industries Limited and South Asian Petrochem Limited producing the material.
 

In the Mumbai-market, the PET resin was sold today at around Rs 120-123 a kg.