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) ?xml:namespace>
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
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.
($1 = €0.70)
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