Benzoic Acid import prices in the US began the month of December on a downward trend after the increase that was witnessed in the month of November. This could be tied to the eased supply that was experienced in the exporting countries. This resulted in a loss of pricing power as the producers could not influence the pricing as much as they wanted. This resulted in a downward trend in Benzoic Acid prices and demand side. On the same note, the lack of fresh demand from the market also influenced the fall in the pricing. Further, easing costs of feedstocks and logistics also contributed to easing production and landing costs, so that Benzoic Acid exporters could offer more competitive prices. By end of December, import prices levelled off at weaker levels, erasing all gains of the previous month. Thus, the market of December experienced a supply-demand rebalancing, where market sentiment turned mostly neutral to slightly bearish due to forecast of stability or mild weakness in Benzoic Acid.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
