MEGlobal lowers April MEG ACP nominations by $30/tonne

11 March 2011 03:28  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has proposed its April Asia Contract Price (ACP) nomination for monoethylene glycol (MEG) $30/tonne (€22/tonne) lower from its March price, a company official said on Friday.

“We nominated April ACP at $1,350/tonne CFR (cost & freight) Asia due to our cautious outlook for April market,” the source said.

Asia spot MEG showed signs of softness during the week, with daily prices trending down to $1,230-1,240/tonne CFR CMP (China Main Port) on Thursday close amid ample supply but weak buying sentiment.

The other two MEG majors – SABIC and Shell – were expected to announce their April ACPs early next week, said company sources.

($1 = €0.73)

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By: Becky Zhang
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