Saudi's SABIC rolls over January MEG ACP nomination

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.

On 13 December, the other MEG major MEGlobal nominated its January ACP at $1,210/tonne CFR Asia, which is $40/tonne lower from its December level.

($1 = €0.77)

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By: Becky Zhang
+65 6780 4359



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