ICIS is implementing a process of rolling consultation on all of its pricing methodologies. This consultation paper is part of this formal process and covers all of the ICIS primary price points included in the Polyethylene Terephthalate weekly publications.
The consultation asks both general questions about the suitability of the ICIS pricing methodology and questions addressing specific Polyethylene Terephthalate market issues.
Click here to view the Polyethylene Terephthalate (PET) Methodology Consultation 2024
ICIS Response
ICIS received several responses during the consultation process, suggesting changes to the way contract prices are assessed in Europe. ICIS will consult the market during the next three months and will publish a decision at the end of September. Among the options to be considered is the potential discontinuation of the current contract quotes as of January 2025 and/or the introduction of new price series in Europe. Feedback was also received for a price assessment in Asia, with a request for ICIS to consider using Shanghai, Shenzhen, or Ningbo instead of inland ports as the main port for its FOB China assessment. ICIS received mixed feedback on the proposed change for the FOB China assessment and will continue to canvass the market. A response will be published at the end of August.
UPDATE: After further canvassing the market, ICIS has decided to maintain the use of inland ports for its FOB China assessment as PET producers throughout China can export material from any port near their plants. If ICIS were to only consider deals done at specific ports, it would not be able to provide an assessment that reflected the overall market in China.
ICIS continues to welcome any feedback on its Polyethylene Terephthalate methodology outside of the formal consultation process.
To provide further comments or feedback please contact William Lemos, Deputy Editorial Director: William.Lemos@icis.com
