PET bottle chip plants in the European Union cut back output or shut down.

Due to the sharp rise in energy costs, more PET bottle chip plants in the European Union cut back output or shut down. In the fourth quarter, it is estimated that the bottle chip capacity shut down will reach 1.46 million tons, accounting for about 40% of the local total. Among them, Indorama plants based in Spain, Poland and the Netherlands all plan to turnaround in the fourth quarter, mainly from mid-late October to December, while Germany Equipolymers plans to turnaround in the first half of November. Local quote for PET bottle chip is reported to have risen to around 1400 euros per ton, equivalent to about $1630/mt.