Asia MEG prices fall by $40–60/tonne on panic selling

20 October 2011 13:40  [Source: ICIS news]

SINGAPORE (ICIS)--Asia monoethylene glycol (MEG) prices dropped by $40–60/tonne (€29-44/tonne) amid panic selling in line with global recession concerns, market sources said on Thursday.

Asia MEG prices were assessed at $1,120–1,150/tonne CFR (cost & freight) CMP (China Main Port), $40–60/tonne lower than on Wednesday, according to ICIS.

“The 6% drop in co-feedstock purified terephthalic acid (PTA) futures frightened every one in the market. Every one is panicked by such sharp falling,” a trader said.

China’s PTA futures slid to its daily limit on Thursday, according to China’s Zhengzhou Commodity Exchange (ZCE).

“No one wants to buy cargoes as they are concerned prices will continue to drop tomorrow,” an end-user said.

Co-feedstock PTA fell by $60–65/tonne to $1,080-1,120/tonne CFR CMP on Thursday, according to ICIS.

($1 = €0.73)

For more on PTA, MEG visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database

By: Judith Wang
+65 6780 4359

AddThis Social Bookmark Button

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.

Printer Friendly

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