15 November 2010 03:48 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Basic Industries Corp (SABIC) has nominated a higher December Asia Contract Price (ACP) for monoethylene glycol (MEG) at $1,160/tonne (€847/tonne), up $140/tonne from November's level, a company official said on Monday.
“We finally decided our December ACP at $1,160/tonne CFR (cost and freight) ?xml:namespace>
SABIC was generally positive on the MEG market next month, with prices likely to be supported by healthy demand, while speculative trades amid weakness in the US dollar would also play a part in pushing prices higher, he added.
The company slightly delayed its monthly nomination from early-November to the middle of the month due to recent volatility in spot prices, he added.
Spot MEG prices jumped to a 29-month high of $1,150-1,180/tonne CFR China Main Port (CMP) last Tuesday, but lost $150-160/tonne in subsequent trading to $1,000-1,020/tonne CFR CMP at the close of trading last Friday, according to ICIS.
($1 = €0.73)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|