SABIC rolls over August MEG at $1,260/t

07 July 2008 09:43  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Basic Industries Corp (SABIC) has rolled over its August nominated monoethylene glycol (MEG) price from last month at $1,260/tonne (€806/tonne), the Middle East  major said on Monday.

“We feel the market is strong,” added the company, who priced its August business on a CFR (cost and freight) Asia basis.

The other MEG makers, MEGlobal and Shell Chemicals, have not nominated a selling idea for August but were expected to follow suit this week, said market sources.

July nominations from all three MEG majors were at $1,260/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
+65 6780 4359

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