MEGlobal's May MEG ACP nomination down by $100/tonne

11 April 2011 05:15  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has lowered its May Asian Contract Price (ACP) nomination for monoethylene glycol (MEG) by $100/tonne (€69/tonne) from its April level following the recent steep fall in spot values, a company source said on Monday.

“We proposed our May ACP at $1,250/tonne CFR (cost & freight) Asia to be in line with the spot market,” the source said.

Asia spot MEG prices have tumbled by $105-115//tonne in the past two weeks to $1,090-1,110/tonne CFR China Main Port (CMP) on 8 April because of poor market fundamentals and China’s tightening monetary policy, according to ICIS data.

It was the second month in a row that MEGlobal lowered its ACP from a 37-month high in March at $1,380/tonne CFR Asia.

($1 = €0.69)

For more on MEG, visit ICIS chemical intelligence

By: Becky Zhang
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly