09 July 2010 10:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Shell Chemicals has nominated its August monoethylene glycol (MEG) Asian Contract Price (ACP) at $30/tonne (€23.70/tonne) lower than its July nomination, a source with the Anglo-Dutch major said on Friday.
“We proposed our August ACP nomination at $820/tonne CFR (cost & freight) Asia to narrow the gap between that and spot prices,” said the source.
It was the fourth month in a row that Shell had reduced its ACP nomination, from $1,100/tonne CFR Asia in April, according to ICIS data.
MEG spot prices in Asia hovered at around $705-710/tonne CFR China Main Port (CMP) on Friday. This was the fifth straight week that prices had fluctuated within the $700-720/tonne CFR CMP levels, supported by stable demand.
On 6 July, MEG major Saudi Basic Industries Corporation (SABIC) announced its August ACP nomination at $850/tonne - a price it rolled over from July contracts.
($1 = €0.79)
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