MEGlobal hikes February MEG ACP by $160/tonne

18 January 2010 08:15  [Source: ICIS news]

SINGAPORE (ICIS news)--MEGlobal has hiked its February Asian Contract Price (ACP) nomination for monoethylene glycol (MEG) by $160/tonne (€112/tonne) from January's settlement price, in line with strong spot prices, a company official said on Monday.

“After careful considerations, we nominated our February ACP at $1,100/tonne CFR (cost and freight) Asia,” the source said.

MEGlobal had announced its January nomination at $940/tonne CFR Asia.

Several traders said that the February nomination was much higher than expected.

“This could help drive up the spot prices further,” a trader based in Singapore said.

Chinese MEG spot prices jumped $170-190/tonne month on month to $1,030-1,055/tonne  CFR China Main Port (CMP) on Friday, according to global chemical intelligence service, ICIS pricing.

Last week, Saudi Basic Industries Corp (SABIC) nominated its February MEG ACP at $1,020/tonne CFR Asia while Shell Chemicals announced a contract price of $1,040/tonne CFR Asia.

 ($1 = €0.70)

For more on MEG visit ICIS chemical intelligence
For more on SABIC visit ICIS company intelligence
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By: Becky Zhang
+65 6780 4359

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