SABIC nominates Oct MEG ACP $150/t lower - buyer

11 September 2008 11:06  [Source: ICIS news]

SINGAPORE (ICIS news)--Middle Eastern monoethylene glycol (MEG) major Saudi Basic Industries Corp (SABIC) has lowered its October nominated Asia Contract Price (ACP) by $150/tonne from last month, said market sources on Thursday.


SABIC’s October nomination was pegged at $1,000/tonne on a CFR (cost and freight) Asia basis, said a one of its contract buyers from northeast Asia.


SABIC declined to comment when contacted by ICIS news.


Fellow MEG maker MEGlobal’s offer for October was pegged at $1,020/tonne CFR CMP (China Main Port), while Anglo-Dutch major Shell has not made any nominations for next month.


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.


By: Hong Chou Hui
+65 6780 4359

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