MEGlobal cuts April MEG ACP nominations by $20/tonne

13 March 2012 06:19  [Source: ICIS news]

SINAGPORE (ICIS)--MEGlobal has lowered its April Asian contract price (ACP) nomination for monoethylene glycol (MEG) by $20/tonne (€15/tonne) from March levels, market source said on Tuesday.

The company announced in a note to clients on the morning of 13 March that its April ACP nomination was at $1,200/tonne CFR (cost & freight) Asia, $20/tonne lower than the March ACP of $1,220/tonne CFR Asia, to reflect the short-term supply and demand balance.

Asia’s MEG market remained under pressure from full port inventories and soft demand from the downstream polyester industry in China, a major regional trader said.

The spot MEG prices declined to $1,055-1,060/tonne CFR China Main Port (CMP) by Tuesday noon, down by $30/tonne from the same period the previous month, according to ICIS.

MEGlobal is a joint venture between the Dow Chemical Company of the US and Kuwait’s Petrochemical Industries Company.

($1 = €0.76)

By: Becky Zhang
+65 6780 4359

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