Sinopec revises June MEG price down CNY50/tonne

25 June 2007 09:05  [Source: ICIS news]

SINGAPORE (ICIS news)--Sinopec has finalised its monoethylene glycol (MEG) contract price for June at yuan (CNY) 50/tonne ($6.56) lower than the previous month due to scant demand, a company official said on Monday.

 

MEG would sell at CNY8,850/tonne DEL (delivered) because although supply was relatively tight demand had been disappointing, he said, adding lower feedstock ethylene costs had also weighed down on the price.

 

The latest contract settlement by Sinopec has had little impact on the spot market, which saw prices unchanged today from last Friday’s levels of about CNY8,550/tonne ex-tank.

 

($1 = CNY7.63)

By: Salmon Aidan Lee
+65 6780 4359

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