SABIC lowers Dec nominated MEG ACP by $290/t

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.

Fellow MEG makers MEGlobal and Shell have not nominated a selling idea for December.

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)

For more on MEG visit ICIS chemical intelligence
For more on SABIC visit ICIS company intelligence
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By: Hong Chou Hui
+65 6780 4359

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