14 June 2011 10:27 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has nominated its July monoethylene glycol (MEG) Asian Contract Price (ACP) at $100/tonne (€69/tonne) from its price in June, a company source said on Tuesday.
“We have decided [to nominate] our July ACP at $1,350/tone CFR (cost & freight) ?xml:namespace>
The source added that the nomination of the company’s ACP was made in consideration of market fundamentals.
The spot prices of MEG in
"It's within our expectations. [The price of ] ACP is normally at $100-120/tonne higher than spot prices," a major regional producer said.
The rise in prices is driven by tight spot availability in the region because of Taiwanese major Nan Ya Plastic’s ongoing and impending shutdowns at four of its MEG units. The company’s MEG units have a combined capacity of 1.9m tonnes/year.
($1 = €0.69)
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|