13 March 2012 09:26 [Source: ICIS news]
Offers fell to $1,050-1,055/tonne CFR (cost and freight) CMP (China Main Port) for any April shipments, but bids retreated to $1,030-1,040/tonne CFR CMP after the latest deal at $1,045/tonne CFR CMP, they said.
Chinese ports are currently full in MEG inventory, which is nearing 800,000 tonnes, market sources said.
Major tankholders in eastern
Traders and end-users in the polyester yarn and fibre chip sectors have been stocking up on MEG, anticipating tight supply in the key
But demand for MEG has diminished since the start of March as a number of Chinese polyester yarn and fibre chip makers have either shut or reduced production, as their own product inventory is high and margins are weak.
Most Chinese polyester makers hold around one-month's worth of MEG stockpiles. Still, some of them are keen to beef up their stockpile of MEG, market sources said.
"We are not able to buy more cargoes as there is no more place to put [them]," a Chinese polyester maker said.
($1 = €0.76)
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