01 June 2011 08:01 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s spot monoethylene glycol (MEG) continued to spike, surging by $70-80/tonne (€48-55/tonne) on Wednesday, following shutdowns of Nan Ya Plastics' two plants with a combined 1.18m tonne/year capacity in ?xml:namespace>
Three bonded warehouse cargoes were heard changing hands at $1,240-1,250/tonne CFR (cost and freight) CMP (
These represented a sharp increase from Tuesday’s close, and an 11% jump over the past three trading sessions, according to ICIS data.
“We shut our No 3 and No 4 MEG plants today, but are still trying our best to negotiate with the government for an earlier restart,” said a source at Nan Ya Plastics.
The No 3 unit can produce 360,000 tonnes/year of MEG, while the No 4 unit has a 820,000 tonne/year capacity.
($1 = €0.69)
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