18 June 2010 23:01 [Source: ICIS news]
HOUSTON (ICIS news)--June US ethylene glycol (EG) demand was quickly drying up amid expectations of a drop in prices in July, a trader said on Friday.
“It’s really hard to sell any right now because everyone is expecting and waiting for lower July prices,” the trader said.
While a July price hike of 2 cents/lb ($44/tonne or €36/tonne) was heard for diethylene glycol (DEG), no price changes have been heard for EG.
Generally, producers announce price increases by the middle of the preceding month. Rollovers and price decreases, however, are not announced until the end of the month, or even as late as the day the decreases take effect.
Whether lower prices are on the way or not, the expectations were enough to stall buying activity, the trader said.
US EG producers include Equistar, Huntsman, MEGlobal, Old World, SABIC and Shell.
($1 = €0.81)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|