14 December 2011 02:39 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has reduced its Asian contract price (ACP) nomination for January monoethylene glycol (MEG) by $40/tonne (€31/tonne) from its December level because of bearish outlook, a company official said late on Tuesday.
The company nominated its January ACP at $1,210/tonne CFR (cost & freight) ?xml:namespace>
It is the third straight month that MEGlobal lowered its MEG ACP nomination from the year’s high of $1,450/tonne CFR Asia in October.
The price drop was also believed to be a move to narrow its difference between spot price levels, a trader said.
MEGlobal is a joint venture between the Dow Chemical Company of the
($1 = €0.77)
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