Polyethylene terephthalate (PET) bottle-grade demand in the Gulf Cooperation Council (GCC) region is expected to remain stable-to-soft in Q3-2010 due to abundant inventories and muted consumption as per ICIS. Conventionally, demand from the beverage sector peaks in the region the summer months of July-August, and softens after mid-September. Market activities traditionally slow down during Ramadan that started on Wednesday, hence PET end use sectors have stocked up weeks ago. The expected robust beverage demand in this region will not be successful in lifting the PET bottle chip market in the next six weeks.
In the month of Ramadan, most market players are hardly at work, working hours are reduced with few buyers and traders working barely 3-4 hours per day. The Pet market is anticipated to gather pace in the first half of September after the dawn-to-dusk fasting comes to an end.