06 February 2008 23:13 [Source: ICIS news]
HOUSTON (ICIS news)--US ethylene glycol (EG) prices slid on a change in supply-to-demand psychology, a trader said on Wednesday.
The price of fibre-grade (EGF) product fell to 63-64 cents/lb ($1,389-$1,411/tonne or €945-959/tonne) or FOB (free on board) in early February, down from 74.5 cents/lb FOB in mid-January, according to global chemical market intelligence service ICIS pricing.
The drop in prices was due to softened demand and to an expected rise in supply as Saudi Basic Industries Corp (SABIC) ramps up a new oxygen supply unit for its Al Jubail plant. SABIC was expected to begin building inventory soon, the source said.
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