15 October 2008 08:09 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian spot prices for monoethylene glycol (MEG) continue to weaken towards $660/tonne, despite the much higher contract proposals for November by leading producers, market players said on Wednesday.
Due to weak demand and a glut among some key traders, spot prices continued to fall to $660-670/tonne CFR (cost and freight) China, from last week’s values around $710-720/tonne.
“The contract nominations seemed unrealistic for now, as spot prices are already so low, but we need to also look at feedstock costs and why producers are insisting on these numbers,” said a source with Nan Ya Plastics of Taiwan.
Earlier, Shell Chemicals proposed selling its November MEG at $950/tonne CFR Asia, down $70/tonne from its October number.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|