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)
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