Major Middle East PET supplier cuts April prices by $50/tonne

29 March 2012 09:54  [Source: ICIS news]

SINGAPORE (ICIS)--A major Middle Eastern supplier has cut its April offers of polyethylene terephthalate (PET) shipments by $50/tonne (€37.50/tonne) because of weaker raw material prices, sources close to the company said on Thursday.

The offer was at $1,630/tonne FOB (free on board) Gulf Cooperation Council (GCC) or $1,640-1,655/tonne DEL (delivered) for local buyers, sources said.

“[The supplier] is focusing on domestic sales at the moment and will only negotiate export sales in the coming week,” said a source close to the company, which is one of the three main PET suppliers in the Middle East.

Demand is healthy in the region as it begins its traditional increase in April, he added.

The prices of key feedstock purified terephthalic acid (PTA) were at $1,161-1,175/tonne CFR (cost & freight) CMP (China Main Port) on 28 March, $24-28/tonne lower than a month ago.

The prices of co-feedstock monoethylene glycol (MEG) were at $995-999/tonne CFR CMP on 28 March, $89-90/tonne lower than on 29 February.

($1 = €0.75)

By: Yu Guo
+65 6780 4359

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