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)
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