Shell nominates June MEG ACP $80/tonne lower at $970/tonne

11 May 2010 12:33  [Source: ICIS news]

SINGAPORE (ICIS news)--Shell Chemicals has nominated its June monoethylene glycol (MEG) Asian Contract Price (ACP) $80/tonne (€62/tonne) lower than its May nomination, a source with the Anglo-Dutch major said on Tuesday.

“We decided our June ACP nomination at $970/tonne CFR (cost and freight) Asia, to be in line with the downtrend in spot prices,” said the source.

Shell nominated its May ACP at $1,050/tonne CFR Asia, down by $50/tonne from its April ACP nomination.

MEG spot prices in Asia dived to $835-847/tonne CFR China Main Port (CMP) on Tuesday, a sharp decrease of $103-110/tonne compared with the same time last month, when Shell nominated its May ACP, according to global chemical market intelligence service ICIS pricing.

($1 = €0.78)

For more on monoethylene glycol visit ICIS chemical intelligence
Read John Richardson and Malini Hariharan’s Asian Chemical Connections blog
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By: Becky Zhang
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