NewsFlashMEGlobal reduces ACP for Feb MEG

09 January 2008 06:59  [Source: ICIS news]

SINGAPORE (ICIS news)--MEGlobal has reduced its Asian contract price (ACP) for February monoethylene glycol (MEG) by $130/tonne (€88/tonne) to $1,460/tonne CFR (cost and freight) Asia, a company source said Wednesday.

“The price reflects the [prevailing] demand and supply situation in the next one month plus, taking into account the global situation as well,” said the source.

Earlier in the week, Shell Chemicals posted $1,500/tonne as its February ACP, down by a similar $130/tonne from its January number.

A third major, SABIC has yet to name its February price. Its January number was $1,590/tonne.

The trio post a monthly ACP, usually about three weeks preceding the month in concern, which are worked into complex price formulae.

($1 = €0.68)

By: Salmon Aidan Lee
+65 6780 4359

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