Saudi's SABIC raises Dec MEG ACP by $80/tonne

17 November 2009 05:27  [Source: ICIS news]

SINGAPORE (ICIS news)--Petrochemicals giant Saudi Basic Industries Corp (SABIC) has raised its nominated price for December monoethylene glycol (MEG) by $80/tonne (€53.6/tonne) from November, a company official said on Tuesday.

Its December Asian contract price (ACP) was $860/tonne CFR (cost and freight) Asia, the official said. For November, SABIC's ACP was $780/tonne CFR Asia.

The higher nomination for December could be attributed to higher spot values of the fibre intermediate in recent weeks, market sources said.

Spot MEG prices were assessed at $772-777/tonne CFR China Main Port (CMP) in the week ending 13 November, up $72-77/tonne over the past month, according to global chemical market intelligence service, ICIS pricing.

SABIC’s nomination follows Shell Chemicals’ ACP of $840/tonne CFR Asia and MEGlobal’s proposal of $860/tonne CFR Asia.

($1 = €0.67)

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By: Jeremiah Chan
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