Spain: Indorama Ventures Company Ltd (IVL), the largest PET (Polyethylene Terephthalate) Resin producer in the world, has resumed PET Resin manufacturing at San Roque, Spain, following precautionary steps. Maintenance at this facility, which has an annual capacity of 203,000 tonnes of PET Resin and 325,000 tonnes of TPA (Terephthalic acid), began on January 2 and lasted until January 20.

Indorama Ventures lifted the force majeure restriction on the supply of PET Resin in Rotterdam, Netherlands, after resolving technical issues. On December 14, 2022, Indorama Ventures lifted the state of force majeure preventing the supply of PET Resin from two lines in Rotterdam with annual capacities of 210 thousand tonnes (Line No. 1) and 216 thousand tonnes (Line No. 2). This was in response to technical issues, Indorama Ventures declared force majeure for the supply of PET Resin in Rotterdam on October 17, 2022.

Recently, amid low demand and adequate supplies, PET  Resin prices in Europe continued declining in the month's second half. The traders attributed sluggish demand, and as a result, they do not anticipate significant changes in February 2023. Simultaneously, European PET Resin suppliers are currently awaiting a response from the EU Commission on their request to apply safeguard measures to Chinese PET Resin.

Meanwhile, due to rising energy, labor, transportation, and other costs, the operating rate of PET bottle chip production is currently fairly low in Europe and the United States. The price disparity between the US, Europe, and Asia is still substantial. According to the sources, many significant water bottle factories are presently loading up on supplies for the second quarter, and some have already begun to consider Q3 orders.

According to the ChemAnalyst Forecast, PET Resin prices are expected to hover at their current levels in the coming days. Additionally, traders are still advised to monitor changes in the price of international crude oil and the changing demand outlook.