Asia MEG falls $30/tonne to 15-month low on panic-selling

14 March 2012 09:15  [Source: ICIS news]

SINGAPORE (ICIS)--Asia's spot monoethylene glycol (MEG) price fell by $30/tonne (€23/tonne) to a 15-month low on Wednesday on panic-selling as China’s equities markets tumbled, market sources said.

MEG prices were quoted at $1,015-1,020/tonne CFR (cost and freight) China Main Port (CMP), continuing the slide after hitting a 15-week low on Tuesday.

MEG offers fell steadily during the day, with deals done at $1,035/tonne CFR CMP and $1,030/tonne CFR CMP in early afternoon trade.

Prices fell steeper in late afternoon after the Shanghai Stock Exchange (SSE) Composite Index closed 64.57 points lower or down 2.63% at 2,391.23.

The bearish sentiment also spilled over the purified terephthalic acid (PTA) market.

PTA is MEG’s co-feedstock in polyester production.

Taiwanese PTA prices slipped $15/tonne to $1,175/tonne CFR CMP on Wednesday, while South Korean material were traded at $1,168-1,170/tonne CFR CMP, $10/tonne lower from Tuesday.

($1 = €0.76)

By: Becky Zhang
+65 6780 4359

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