MEGlobal lowers US DEG August benchmark

02 August 2007 00:31  [Source: ICIS news]

HOUSTON (ICIS news--Catching many market participants by surprise, US producer MEGlobal said on Wednesday that it decreased the benchmark price for diethylene glycol (DEG) by 2 cents/lb to 57 cents/lb ($1,257/tonne), effective on Wednesday.

MEGlobal also said it had rolled over the mono ethylene glycol (MEG) benchmark from July to August. The MEG benchmark will remain 49 cents/lb.

DEG supply in the US has been tight in 2007 following plant shutdowns and scheduled maintenance, and market participants did not expect the drop in price.

“I was in a good mood until I learned about the new benchmark for DEG,” a distributor said, adding that it could make the task of selling trucks of supply at the old price more difficult.

By: Gene Lockard
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