10 September 2008 10:00 [Source: ICIS news]
SINGAPORE (ICIS news)--US monoethylene glycol (MEG) major MEGlobal has lowered its October nominated Asia Contract Price (ACP) by $130/tonne from last month, reflecting market conditions, the company said on Wednesday.?xml:namespace>
“The October 2008 MEGlobal ACP 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.
MEGlobal’s September nomination was pegged at $1,150/tonne CFR (cost and freight) ?xml:namespace>
Fellow MEG makers Saudi Basic Industries Corp (SABIC) and Shell had not announced their offers for next month, said market sources.
For September, nominations from all three MEG majors were at $1,150/tonne CFR Asia.
MEG is used to make polyester fibres and yarns and polyethylene terephthalate (PET) chips.
($1 = €0.71)
($1 = €0.71)
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