MEGlobal raises October MEG ACP nomination by $40/tonne

10 September 2010 03:55  [Source: ICIS news]

HANGZHOU (ICIS)--MEGlobal has nominated a $40/tonne (€32/tonne) increase in its October monoethylene glycol (MEG) Asian Contract Price (ACP) from September levels, a company source said on Friday.

“We [set] our October MEG ACP at $910/tonne CFR (cost and freight) Asia as we expect October demand to be better than September,” the source said.

Most traders retreated to the sidelines ahead of China’s long holidays, market sources said. China will observe its Mid-Autumn Festival on 22-24 September and will have a week-long celebration of National Day on 1-7 October.

Asian spot MEG prices closed at around $800-805/tonne CFR China Main Port (CMP) on Thursday, $5-10/tonne lower from the previous week, according to ICIS.

SABIC announced on Wednesday its October MEG ACP nomination at $900/tonne CFR Asia, up by $20/tonne from its September level.

($1 = €0.79)

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