12 May 2006 10:26 [Source: ICIS news]
SINGAPORE (ICIS News)--Sabic and Shell Chemicals, two of the world’s largest producers of monoethylene glycol (MEG), have rolled over their May Asian contract price of $870/tonne CFR ?xml:namespace>
Market participants greeted the news on a subdued note, as it was within expectations after a similar move by MEGlobal.
"Although spot prices are firm, overall demand remained weaker than expected," said a trader.
Earlier on Thursday, market leader MEGlobal also rolled over its May price of $870/tonne CFR Asia to June. At that time, spot prices were at $805-815/tonne CFR China, up $5/tonne from the lower end of the range from Wednesday. However, very few cargoes were available at $805/tonne CFR China, traders said.
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