12 January 2011 03:37 [Source: ICIS news]
“We proposed February ACP at $1,230/tonne CFR (cost and freight)
“Higher ACP nomination is within our expectations because of balanced-to-tight supply condition and bullishness in the market,” said a major regional trader.
However, the nomination was described as too high by several end-users and traders.
“There remain uncertainties in February because of the long Chinese New Year holidays,” one Zhejiang-based end-user said, explaining that upward momentum might not be that strong after the holidays as downstream polyester demand might recover much slower than expected.
Most Chinese textile factories will be closed since late January to mid February due to the lack of migrant workers who travel back home for the Lunar New Year holidays over 2-8 February.
The other two MEG majors - Shell Chemical and MEGlobal - had announced their February MEG ACP nominations at $1,230/tonne CFR Asia and $1,220/tonne CFR Asia, respectively, this week.
($1 = €0.77)
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