24 June 2010 12:20 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s imports of monoethylene glycol (MEG) is expected to fall further in June after sliding 17% month on month to 527,500 tonnes in May amid record high inventory and slow buying, traders said on Thursday.
“Almost all the tanks are full,” he added.
Abundant supply and falling crude values had pushed down MEG prices to $710-720/tonne (€575-583/tonne) CFR (cost and freight) China Main Port this week, a sharp decrease of $230-240/tonne, or 25%, since early April, according to ICIS data. (Please see graph below)
MEG cargoes from abroad - including those from
Production cutbacks in the region also had also partly reduced import volumes of MEG, said another trader.
Major producers in
($1 = €0.81)
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