SABIC cuts Nov PET prices by $90-110/tonne in the Middle East

31 October 2013 09:09  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s SABIC has reduced its November prices for polyethylene terephthalate (PET) bottle-grade chips by about $90-110/tonne from its October values, a source close to the company said on Thursday.

SABIC’s November price for water-grade PET was offered at $1,480-1,490/tonne (€1,080-1,088/tonne) DEL (delivered) while carbonated soft drinks-grade PET was offered at $1,460-1,480/tonne DEL, depending on the destination in the Gulf Cooperation Council (GCC) region, said the same source.

SABICS’s October listing prices were a rollover from September at $1,570-$1,600/tonne DEL, which came as a surprise to several buyers as they expected a decline in October listing price tracking downtrend in Asia PET prices.

As the winter season is around the corner in the GCC region, most GCC market players expect a lower demand in the region.

SABIC’s reduction in November prices follows availability of lower-priced Asian PET cargoes at $1,360-1,370/tonne CIF (cost, insurance & freight) GCC, a PET buyer said.

($1 = €0.73)

By: Xia Xue
+65 6780 4327

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