NewsFlashSABIC nominates June MEG $40/t lower

07 May 2008 09:53  [Source: ICIS news]

SINGAPORE (ICIS news)--Monoethylene glycol (MEG) major Saudi Industries Basic Corp (SABIC) has lowered its June nominated price by $40/tonne (€25.60/tonne) from the previous month, a company source said on Wednesday.

The company declined to disclose a reason for the drop.

SABIC’s June nomination was pegged at $1,200/tonne CFR (cost and freight) Asia with fellow MEG makers, MEGlobal and Shell yet to announce their selling ideas for next month.

The number was widely expected to give a boost to spot prices of MEG, which have been hovering around $1,100/tonne CFR China Main Port (CMP), said industry sources.

Spot prices were at $1,073-1,077/tonne CFR CMP on Tuesday, down from $1,108-1,112/tonne about a month ago.

For May, nominations from SABIC, MEGlobal and Shell were at $1,240/tonne CFR Asia. MEG is used to make polyester fibres and yarns and polyethylene terephthalate (PET) chips.

($1 = €0.64)

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By: Hong Chou Hui
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