Saudi’s SABIC hikes December MEG ACP nomination by $140/tonne

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) Asia, after several rounds of price revisions,” the official said.

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)

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By: Becky Zhang
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