SABIC rolls over $1,400/tonne as April MEG ACP nomination

18 March 2011 04:54  [Source: ICIS news]

SINGAPORE (ICIS)--SABIC has nominated its Asia Contract Prices (ACP) for April monoethylene glycol (MEG) at $1,400/tonne (€994/tonne), unchanged from its March level, a company official said on Friday.

“After many rounds of discussion, we decided to roll over our April ACP at $1,400/tonne CFR (cost and freight) Asia from March,” the official said, indicating that the company expected prices to stabilise when traditional peak season approaches in April-May.

“The nomination is too high compared with current spot prices,” a Zhejiang-based polyester maker said.

Asia spot MEG prices dipped to $1,200-1,205/tonne CFR China Main Port (CMP) on Thursday’s close due to abundant supply and continued weak demand, according to ICIS.

The other two MEG majors – MEGlobal and Shell Chemical – had earlier announced their April MEG ACP nominations at $1,350/tonne CFR Asia and $1,400/tonne CFR Asia, respectively.

($1 = €0.71)

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By: Becky Zhang
+65 6780 4359

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