07 August 2008 08:50 [Source: ICIS news]
The nomination was on a cost and freight (CFR) Asia basis.
Spot MEG fell to $980-988/tonne CFR China on Wednesday as weak crude and naphtha values dampened market sentiment, which was $2/tonne lower from the previous day and close to 11% lower from early July, according to global chemical market intelligence service ICIS pricing.
The MEGlobal official did not give a reason behind the price drop.
Other MEG producers Sabic and Shell Chemicals, who nominated $1,260/tonne CFR Asia for August, are expected to post their September contract prices soon.
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