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



AddThis Social Bookmark Button

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.

Printer Friendly

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