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Asian PET bottle-grade chip prices have hit a 16-year high

March 04/2011

(ICIS) -- Asian polyethylene terephthalate (PET) bottle-grade chip prices have hit a 16-year high, supported by prevailing raw material purified terephthalic acid (PTA) and monoethylene glycol (MEG) prices, market sources said on Friday. On Friday morning, offers for PET bottle-grade chip prices were pegged at above $1,850/tonne (?1,332/tonne) FOB (free on board) China and South Korean producers were heard offering at up to $1,930/tonne FOB Korea.

Last week, spot prices of the material were assessed at $1,810-1,830/tonne FOB China and $1,820-1,880/tonne FOB Korea, based on ICIS data.

On Thursday, PTA prices were $32-35/tonne firmer, at $1,495-1,505/tonne CFR (cost & freight) China Main Port (CMP) for South Korean cargoes and $1,512-1,522/tonne CFR CMP for Taiwanese parcels, reflecting current discussion levels.

Meanwhile, MEG prices were at $1,258-1,265/tonne CFR CMP, up by $23-25/tonne from the previous week.

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