MEGlobal nominates Jan MEG ACP up $80/tonne

15 December 2009 03:50  [Source: ICIS news]

SINGAPORE (ICIS news)--Monoethylene glycol (MEG) major MEGlobal  has nominated its January 2010 Asian Contract Price (ACP) up $80/tonne (€54/tonne) from its December nominations, a company official said on Tuesday.

“We have nominated our January ACP at $940/tonne CFR (cost and freight) Asia,” the source said.

Anglo Dutch MEG producer, Shell Chemicals, had earlier reported its January nomination at $920/tonne CFR China Main Port, also representing an $80/tonne increase month-on-month. SABIC, the third major, had not announced its January price at the time of writing this report and was widely expected to announce its nomination by this week.

Market sources pointed out that the higher nominations were in tandem with the recent uptrend in spot MEG prices in China, which have risen $85/tonne, or over 10%, over the past month to $855-860/tonne CFR China Main Port (CMP) at Monday’s close, according to global chemical intelligence service, ICIS pricing.

December nominations from all three MEG majors were at $840-860/tonne CFR Asia.

($1 = €0.68)

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By: Jeremiah Chan
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