SABIC lowers August MEG Asia Contract Price nomination by $50/tonne

19 July 2011 09:26  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi major SABIC has proposed its Asian Contract Price (ACP) for August monoethylene glycol (MEG) at $50/tonne (€35.50/tonne) lower than its July level, a company official said on Wednesday.

“Our August ACP is at $1,300/tonne CFR (cost & freight) Asia and we are expecting spot prices to fluctuate within a narrow range in the near future,” the official said.

Spot MEG prices in Asia were assessed at $1,190-1,200/tonne CFR China Main Port (CMP) on Monday’s close. This represented a fall of $48-50/tonne compared with the previous month, according to ICIS.

On 18 July, MEG majors MEGlobal and Shell nominated their August ACP at $1,300/tonne CFR Asia and $1,320/tonne CFR Asia, down by $50/tonne and $60/tonne respectively from their July levels.

($1 = €0.71)

For more on SABIC, visit ICIS company intelligence

 

By: Judith Wang
+65 6780 4359

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