POLYETHYLENE TEREPHTHALATE (PET) producers will likely succeed in raising prices only 3 cts-5 cts/lb in the second quarter due to the seasonal demand peak, analysts say. U.S. PET producers had announced a 7-cts/lb second-quarter hike in PET prices (CW, March 14, p. 35). "This will probably be the only increase this year unless raw material costs rise," says Leslie Ravitz, analyst at Morgan Stanley Dean Witter (New York).
Robust demand drove up PET prices 22% last year, to 64 cts-71 cts/lb del, raising average annual margins from negative territory to 5 cts-6 cts/lb, analysts say. "PET margins should move up several cents in the second quarter, and this should be …
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