That led two PTA producers to declare force majeure, which affected PET production, he said. This supply pressure comes at a time when inventories have been low.
"Local producers are struggling to fulfill orders in the face of soaring spot material prices," notes wood Mackenzie experts.
According to wood Mackenzie, bids in early may were 1,200 euros per metric ton, compared with nearly 1,450 euros per metric ton in June.
With this in mind, Marshall warns that it is likely that in the near future, a group of brand owners will not be able to produce what they want.
"" this could lead to localization restrictions for some products, as well as for brands of their own products," "he said. In addition... It's going to have a ripple effect on consumers."
This has not been the case in the PET market for years, according to Marshall.
That could prompt some idle factories to reopen, but the real prospect is that the price of some spot goods could exceed 2,000 euros per metric ton in the third quarter.
"" it was still unheard of six weeks ago. Marshall concluded.