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) ?xml:namespace>
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.
($1 = €0.67)
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