European PET imports up 30% in 2013

European imports of polyethylene terephthalate (PET) rose by over 30% in 2013, according to Eurostat data published this week, and market participants believe that the specter of imports continues to loom over European producers.

From January to December 2013, PET imports into the EU reached 666,702 mt, up from 509,070 mt over the same period in 2012, according to Eurostat data. But the imports put, and continue to put, downward pressure on European PET prices, sources said.

The PET spot price was assessed at Eur1,110-1,115/mt ($1,518-1,524/mt) FD NWE Wednesday, its lowest level since September 2010, according to Platts data, and sources expect further declines as a result of feedstock cost decreases and import pressure.