NewsFlashMEGlobal hikes Sept MEG ACP by $40/t

09 August 2007 04:51  [Source: ICIS news]

SINGAPORE (ICIS news)--Global monoethylene glycol (MEG) supplier MEGlobal nominated its Asian contract price (ACP) for September at $1,060/tonne CFR Asia, up $40/tonne from August, a company official said on Thursday.

"The September ACP reflects the short-term supply and demand situation in the Asian market," said the official.

Tight supply globally and stable demand among end-users in the key Chinese market have pushed spot prices towards the psychologically-important level of $1,000/tonne CFR (cost and freight) China this week from about $920-930/tonne CFR in mid-July, and they looked set to rise further soon.

Shell Chemicals hiked its September ACP to $1,040/tonne CFR Asia on Wednesday. SABIC was expected to post its ACP by the end of the week.

By: Salmon Aidan Lee
+65 6780 4359

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