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



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