25 October 2013 04:58 [Source: ICIS news]
SINGAPORE (ICIS)--Spot prices of polyethylene terephthalate (PET) in the Gulf Cooperation Council (GCC) region fell by $35-60/tonne (€25-43/tonne) this week amid limited discussions upon market players’ return from a week-long holiday.
Prices were assessed at $1,385-1,430/tonne CFR (cost and freight) GCC on 24 October, according to ICIS data.
Offers by GCC producers declined by $50-60/tonne to $1,430-1,440/tonne CFR GCC, as they compete with lower-priced cargoes from Asia, a Middle Eastern producer said.
Asian PET is being offered to GCC at $1,380-1,390/tonne CIF (cost, insurance and freight) GCC, which is equivalent to $1,350-1,360/tonne FOB (free on board) China, a regional producer said.
PET prices were stable a week earlier because of subdued trading. Most players in the Middle East are out of the market on 14-19 October for Eid ul-Adha or Feast of Sacrifice, which marks the end of the annual Muslim pilgrimage to Mecca.
($1 = €0.72)
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