MEGlobal nominates Asia August MEG $40/t up

09 July 2008 08:15  [Source: ICIS news]

SINGAPORE (ICIS news)--US-based monoethylene glycol (MEG) major MEGlobal has raised its August nominated price by $40/tonne (€25.60/tonne) from last month to $1,300/tonne on bullish market conditions, the company said on Wednesday.

“The August 2008 MEGlobal ACP (Asia contract price) reflects both the short-term supply/demand situation in the Asian market and the surging cost pressures in the global hydrocarbons market,” added the company in a statement.

MEGlobal’s August nomination was on a CFR (cost and freight) Asia basis.

Fellow MEG maker Saudi Basic Industries Corp (SABIC) nominated its selling idea for August at $1,260/tonne CFR CMP while UK-Dutch major Shell Chemicals has not announced its selling idea for next month, said market sources.

For 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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