Sinopec raises Oct MEG price, cuts PTA

26 October 2007 03:47  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese petrochemical major Sinopec has raised its October monoethylene glycol (MEG) price by yuan (CNY) 800/tonne ($107/tonne) from September but cut its purified terephtalic acid (PTA) price for the fourth consecutive month on poor demand, a company official said on Friday.

"This (The MEG price) is higher than September’s price because of extremely tight worldwide supply," the official said.

Its October MEG price has reached CNY12,800/tonne DEL (delivered) while PTA was cut by CNY450/tonne to CNY7,550/tonne DEL, he added.

Sinopec reduced its PTA price because of poor demand among Chinese polyester producers, the official said.

Other leading Chinese PTA producers such as Hualian Sunshine Petrochemical, Xiang Lu Petrochemical and BP Zhuhai had not finalised their prices.

($1=CNY7.48)

By: Salmon Aidan Lee
+65 6780 4359

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