MEGlobal hikes November MEG ACP nomination by $120/tonne

11 October 2010 11:30  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has proposed a $120/tonne (€85.2/tonne) hike in its November monoethylene glycol (MEG) Asia Contract Price (ACP) from October levels , a company source said on Monday.

“We nominated our November MEG ACP at $1,030/tonne CFR (cost and freight) Asia as we expect the recent bullishness in spot market to continue in November,” the source said.

Asian spot MEG prices shot up to $945-960/tonne CFR China Main Port (CMP) on Monday, representing a $155-160/tonne month-on-month jump on the back of strong values of crude and feedstock ethylene, according to ICIS.

($1 = €0.71)

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By: Becky Zhang
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