15 December 2011 03:17 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi major SABIC has decided to roll over its January monoethylene glycol (MEG) Asian Contract Price (ACP) nomination at $1,250/tonne (€963/tonne) CFR (cost & freight) Asia, a company official said on Thursday.
The January ACP nomination was rolled over from December as the company is expecting the spot prices to remain largely stable in January compared with December, the official said.
“Demand will continue to be soft in January and uncertainties remain in external markets, but we do not see much room for additional price erosion because prices have already at the bottom,” the official said.
The nomination is considered high by a regional producer.
“To maintain the current price level is the best scenario that we can expect,” the regional producer said, citing abundant supply and an expected further slowdown in demand in January.
($1 = €0.77)
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.
|ICIS news FREE TRIAL|
|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|
Asian Chemical Connections