MEGlobal reduces November MEG ACP nomination by $70/tonne

13 October 2011 04:11  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has cut its Asian contract price (ACP) nomination for November monoethylene glycol (MEG) by $70/tonne (€51/tonne) from October level, the company said on Thursday.

The company nominated $1,380/tonne CFR (cost & freight) Asia for its November ACP, to reflect the short-term supply/demand situation in the Asian market, the company said in a note to clients.

Asia MEG spot prices dropped by $15/tonne to close at $1,240-1,245/tonne CFR CMP (China Main Port) on 12 October amid lower discussion levels and soft downstream demand, according to ICIS.

($1 = €0.73)

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By: Judith Wang
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