14 October 2010 04:22 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Basic Industries Corp (SABIC) has hiked its November Asia Contract Price (ACP) nomination for monoethylene glycol (MEG) by $120/tonne (€86/tonne) from October levels, in line with strong spot prices, a company official said on Thursday.
“After several rounds of discussion, we decided our November ACP at $1,020/tonne CFR (cost and freight) ?xml:namespace>
“It’s not surprising as spot prices have jumped over $100/tonne in just one week,” said a trader.
Asia MEG spot prices reached $955-965/tonne CFR China Main Port (CMP) at the close of business on Wednesday, up $105/tonne or 12% higher week on week, based on ICIS data.
The bullish sentiment was being supported by strong crude values and by gains in regional equity markets, market sources said.
MEGlobal had earlier announced its November ACP nomination at $1,030/tonne CFR Asia, up by $120/tonne from October contract offers.
($1 = €0.72)
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