12 November 2008 11:48 [Source: ICIS news]
SINGAPORE (ICIS news)--Monoethylene glycol (MEG) producer Saudi Basic Industries Corp (SABIC) has lowered its December nominated Asian contract price (ACP) price $290/tonne (€232/tonne) to $610/tonne, a company source said on Wednesday.
The SABIC source declined to provide a reason for the company's ACP price reduction, which was valued on a cost and freight (CFR) Asia basis.
For November, SABIC’s ACP was pegged at $900/tonne CFR Asia.
MEG is used to make polyester fibres and yarns and polyethylene terephthalate (PET) chips.
($1 = €0.80)
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