21 March 2013 10:03 [Source: ICIS news]
Correction: In the ICIS story headlined “Saudi Arabia’s SABIC to restart Yanbu PET plant in early April” dated 21 March 2013, please read in the third paragraph…”The turnaround at the 330,000 tonne/year plant”…instead of …”The turnaround at the 420,000 tonne/year plant”… A corrected story follows.
SINGAPORE (ICIS)--SABIC plans to restart its polyethylene terephthalate (PET) plant at Yanbu in Saudi Arabia in early April after a maintenance shutdown, a source close to the company said on Thursday.
“The plant was shut down in the first week of March, and will be restarted a month later, in the first week of April,” the source said.
The turnaround at the 330,000 tonne/year plant has resulted in a tightening of supply in the Middle East PET market, suppliers and buyers said.
However, buyers have been maintaining low inventories and deferring purchases in anticipation of a price decline in April, on the back of a sharp fall in feedstock purified terephthalic acid (PTA) and monoethylene glycol (MEG) prices.
Prices of PET fell by $20/tonne (€15/tonne) in the week ended 14 March, to $1,550-1,590/tonne CFR (cost and freight) in the Gulf Cooperation Council (GCC) region, according to ICIS data.
Suppliers expect prices of PET to bottom out in April, as the peak demand season starts in early April, said a supplier.
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