Saudi’s SABIC lowers MEG Dec ACP nomination by $150/tonne

21 November 2011 08:04  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi major SABIC has lowered its December Asian Contract Price (ACP) nomination for monoethylene glycol (MEG) by $150/tonne (€111/tonne) from its November level in line with lower spot prices in Asia, a company official said on Monday.

“We proposed our December ACP nomination at $1,250/tonne CFR Asia, as we expect [the] market to remain soft next month because of weak demand from the downstream polyester industry and the soft economic environment in China,” the official said.

Asia spot MEG prices were assessed at $1,090-1,095/tonne CFR (cost & freight) CMP (China Main Port) on 18 November, down by $110-115/tonne or 9% from the same period last month, according to data from ICIS. 

SABIC is the largest MEG producer in the world and exports about 2m-3m tonnes of MEG to China each year.

On 15 November, another MEG major MEGlobal nominated its December ACP at $1,250/tonne CFR Asia, down by $130/tonne from its November level.

($1 = €0.74)

For more information on MEG, visit ICIS chemical intelligence

By: Yolanda Chen

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