14 December 2010 04:23 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s SABIC has lowered its January Asia Contract Price (ACP) for monoethylene glycol (MEG) by $10/tonne from its December nomination of $1,160/tonne (€882/tonne), a company official said on Tuesday.
“We proposed our January ACP at $1,150/tonne CFR (cost & freight) Asia, to reflect our cautiously optimistic outlook for January,” the official said.
Any excess bullishness in the market would be curbed by a year-end slow down in downstream polyester demand in China and subdued speculative trading under the Chinese government’s tightening monetary policies, the source said.
Asia spot MEG prices closed at $1,045-1,053/tonne CFR China Main Port (CMP) on 13 December, up by $18-20/tonne week on week, underpinned by healthy market fundamentals, according to ICIS.
The other two MEG majors - MEGlobal and Shell - had both nominated their January MEG ACP at $1,150/tonne CFR Asia late last week.
($1 = €0.76)
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