India's Reliance, which has a 300,000 mt/year polyethylene terephthalate bottle chip plant in Hazira, has sold out its December-delivery cargoes earlier than usual on strong domestic demand, a company source said Wednesday.
"In India we really do not have a winter except in the north. The rest of the country is pretty warm," he said, adding that the festive year-end period had contributed to demand for bottled drinks, and as a result PET.
The company will start offering January cargoes at the end of December.
Meanwhile, other producers especially in Northeast Asia, were facing a lull in demand for PET that comes with the setting in of winter.
"No deals have been done yet [for December-delivery cargoes]," said a South Korea-based producer, whose offer price had increased this week to $1,460-1,470/mt FOB Korea, up $20-40/mt from last week, on higher feedstock costs.
