Sinopec rolls over July China MEG

25 July 2007 05:07  [Source: ICIS news]

SINGAPORE (ICIS news)--Sinopec, the Chinese petrochemical major, has rolled over its July price for monoethylene glycol (MEG) at yuan (CNY) 8,850/tonne ($1,171/tonne) delivered from June, a company official said on Wednesday.

"Demand has been very stable and spot prices are actually firming up slightly, but taking into consideration the supply situation, we’ve decided to keep the price unchanged," the official from the country’s top MEG supplier said.

Downstream polyester market conditions have been positive for the past two months, with operating rates near full levels, but supply had increased slightly since the start-up of a new 700,000 tonne/year MEG plant in Taiwan last month.

Currently, spot prices in the Chinese domestic market were at CNY8,750-8,800/tonne ex-warehouse, maintaining a firming trend started about two weeks back.

($1=CNY7.56)

By: Salmon Aidan Lee
+65 6780 4359

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