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GCC PET prices may increase for March shipments

SINGAPORE (ICIS)--Polyethylene terephthalate (PET) prices in the Gulf Cooperation Council (GCC) region may trend up for March shipments, market sources said late on Thursday.

Many buyers and even some sellers were waiting for the monthly list price for March shipment from one of the GCC producers that is expected to be announced in the coming week.

Meanwhile, a separate GCC producer has the intention to increase its prices from around $950/tonne CFR GCC to around $1,000/tonne CFR (cost and freight) GCC, amid higher feedstock purified terephthalic acid (PTA) and monoethylene glycol (MEG) prices and a more stable upstream crude oil futures market.

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