JBF Industries to Revise PET Prices due to surge in PTA & MEG prices

JBF Industries Limited is amongst the leading manufacturers of bottle grade chips and textile grade chips in India. The company is in Gujarat having massive plant capacities of 60800 MT p.a. of Polyester Chips and 605000 MT p.a. of Polyester Yarn. JBF uses Uhde Inventa Fischer technology for manufacturing the finest quality of bottle grade Polyester chips. As PET is produced by utilizing MEG (Monoethylene Glycols) and PTA (Purified Terephthalic Acid), fluctuation in prices of any of these raw materials adversely affects the prices of PET. Owing to the considerable share of MEG in PET manufacturing, surge in the prices of MEG compelled JBF Industries to increase the prices of its PET resin in the second week of January. Furthermore, changing market dynamics as an outcome of increasing demand of PET in packaging industry further contributed in moving up its prices.