Saudi Basic Industries Corporation (SABIC) said global mono-ethylene glycol (MEG) prices increased in the first quarter of 2023 quarter-on-quarter due to higher demand spurred by China's reopening.

Methanol prices stepped-up quarter-on-quarter as the market showed early signs of recovery, the Saudi-listed petrochemical giant said in a statement without disclosing numbers.

Due to higher demand, selling prices of methyl tertiary-butyl ether (MTBE) increased in the first quarter quarter-on-quarter.

Polyethylene (PE) prices rose slightly as demand did not recover as expected and new PE capacities entered the market, putting additional pressure on selling prices.

Polypropylene (PP) prices rose quarter-on-quarter as the market expected demand to improve after the Lunar New Year holiday.

However, polycarbonate (PC) prices decreased in the first quarter due to ample supply and slow demand recovery, the statement noted.

(Writing by P Deol; Editing by Anoop Menon)