SABIC nominates May MEG ACP $100/tonne lower

13 April 2011 08:54  [Source: ICIS news]

SINGAPORE (ICIS)--SABIC has proposed its Asian Contract Price (ACP) for May monoethylene glycol (MEG) at $100/tonne (€69/tonne) lower than its April level, a company official said on Wednesday.

“We decided our May ACP at $1,300/tonne CFR (cost & freight) to be in line with weaker spot prices,” the official said.

SABIC has rolled over its April ACP at $1,400/tonne CFR Asia from March – the highest nominations since February 2008 – because of tightened supply in the region, according to ICIS data.

Asia spot MEG prices fell to $1,125-1,130/tonne CFR China Main Port (CMP) on Wednesday, a steep fall of $100/tonne from the previous month, according to ICIS.

The other two MEG majors – MEGlobal and Shell – had earlier announced their May MEG ACP nominations at $1,250/tonne CFR Asia and $1,280/tonne CFR Asia, respectively.

($1 = €0.69)

For more on monoethylene glycol, visit ICIS chemical intelligence

By: Becky Zhang
+65 6780 4359

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