SABIC drops January MEG price by $10/t

17 December 2008 04:54  [Source: ICIS news]

SINGAPORE (ICIS news) -- Saudi petrochemicals giant SABIC has lowered its monoethylene glycol (MEG) contract price for January shipments by $10/tonne from the previous month, company sources said.

The sources did not give a reason behind the major’s relatively minor adjustment of the price down to $600/tonne CFR Asia.

The nomination had come within expectations since “spot prices had fallen but supply had been relatively tight in the past one month or so,” said a customer.

Spot MEG prices are currently at $500-510/tonne CFR China, with demand strong and availability tight.

Last week, energy major Shell Chemicals rolled over its price from December to January at $610/tonne CFR Asia. A third major MEGlobal has yet to post its price at the time of writing.

Hong Chou Hui contributed to this article.

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By: Salmon Aidan Lee
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