SABIC raises September MEG ACP nomination by $50/tonne

16 August 2011 10:01  [Source: ICIS news]

The peak textile season will arrive in September. MEG is used in the manufacture of polyester textiles.SINGAPORE (ICIS)--Saudi major SABIC has nominated its September Asian Contract Price (ACP) of monoethylene glycol (MEG) at $50/tonne (€35/tonne) higher than its price in August, a company official said on Tuesday.

The company proposed its September ACP at $1,350/tonne CFR (cost & freight) Asia in line with the price increase in spot market, according to the official.

Asia MEG spot prices closed at $1,245-1,250/tonne CFR on 15 August, $45/tonne higher compared with four weeks ago, according to data from ICIS.

In addition, another producer, Shell, nominated its September ACP for MEG at $1,360/tonne CFR Asia, $40/tonne higher than its price in August, according to the company.

($1 = €0.69)

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By: Judith Wang
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