Reliance Ind’s December polyethylene terephthalate cargoes sold out on firm domestic demand

Reliance Industries has sold out its December-delivery cargoes earlier than usual on strong domestic demand from its 300,000 tpa polyethylene terephthalate (PET) bottle chip plant in Hazira as per Platts. The strong demand can be attributed to the mild winters across the country except in in the north. 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. A South Korean producer complained about lack of concluding any deals for December-delivery cargoes, even as offer prices increase this week by US$20-40/mt from last week, on higher feedstock costs.
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