Market and product
GCC PET prices stable-to-soft despite rising feedstock costs
SINGAPORE (ICIS)-- Polyethylene terephthalate (PET) offers and buying ideas in the Gulf Cooperation Council (GCC) region were stable-to-soft despite reversed trends seen in upstream prices, according to market sources.
Although prices of feedstock purified terephthalic acid (PTA) and monoethylene glycol (MEG) have rebounded in the last three days, most market players in the GCC have not reacted to the change in the upstream price trend.
GCC producers either maintained or lowered their offers, while buying ideas of GCC buyers were lowered, with expectations of a further drop in PET prices due to the previous declines in the upstream prices.
However, some market players deemed it unlikely amid increased feedstock PTA and MEG prices.
Offers from a GCC producer were at $1,340-1,350/tonne CFR (cost & freight) GCC, down by $30-40/tonne from the previous week.
Meanwhile, the producer said its buyers were not keen on purchasing in the week, with buying ideas at as low as $1,260/tonne CFR GCC, which it deemed unworkable.
