Saudi SABIC hikes February Mideast PET prices by $40/tonne

30 January 2014 04:44 Source:ICIS News

SINGAPORE (ICIS)--Saudi Arabia’s SABIC has increased its February prices for polyethylene terephthalate (PET) bottle-grade in the Middle East by $40/tonne from January, a company source said on late Wednesday.

Its February bottle-grade chips are now being offered at $1,450-1,460/tonne DEL (delivered), depending on the PET grade, the source said.

SABIC, which has limited PET stocks, nudged up its prices in spite of the availability of more competitive cargoes from Asia and other producers in the Middle East.

The company wanted to improve its margins while feedstock prices remain weak, the source said.

By Xia Xue