MEGlobal hikes September MEG ACP nomination by $30/tonne

10 August 2010 06:08  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has nominated its September 2010 Asian Contract Price (ACP) for monoethylene glycol (MEG) at $870/tonne (€661/tonne), up by $30/tonne from its August nomination, a company official said on Tuesday.

“Our September MEG ACP … reflects the short term supply and demand situation in the Asian market,” said the source.

The price is on a cost and freight (CFR) Asia basis.

MEG prices in China spiked $70/tonne or nearly 10% in the past month to $875-880/tonne CFR China Main Port (CMP) on Tuesday morning, based on ICIS data, driven by strong crude prices and speculative trading.

The other two MEG majors - SABIC and Shell Chemical - have yet to announce their September ACP nominations.

($1 = €0.76)

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By: Becky Zhang
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