PET prices in China fell amid a continued decline in oil prices, according to ICIS.
On March 23, the prices of crude oil, naphtha and paraxylene fell sharply, as did the prices of raw materials – refined terephthalic acid (TFA) and monoethylene glycol (MEG) also dropped.
PET prices from buyers and sellers were at the level of USD675-715 per tonne, FOB China, while spot prices were in the range of USD690-720 per tonne, FOB China for the week ending March 20.
The situation on the Russian PET market last week remained unchanged. The high volatility of the cost of raw materials in foreign markets persisted last week. The cost of PET and its raw materials in the key Chinese market continued to decline.
The contract prices of Russian plants in March are in the range of 70,000-73,000 rubles. per tonne, CPT Moscow, including VAT. Next month, an increase in the cost of PET for contract buyers is expected to amount to about 3 thousand rubles. per ton amid a sharp increase in the dollar against the ruble.