Saudi's SABIC cuts April MEG ACP nomination by $50/tonne

19 March 2012 02:45  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi major SABIC has cut its April monoethylene glycol (MEG) Asian Contract Price (ACP) nomination by $50/tonne (€38/tonne) from March levels, citing prevailing weak demand and soft spot prices, a company source said on Monday.

It nominated its April MEG ACP at $1,200/tonne CFR (cost & freight) Asia, the source said.

Spot MEG prices slipped by $49-59/tonne week on week to $1,016-1,028/tonne CFR CMP (China Main Port) on 16 March, according to ICIS.

MEGlobal has also lowered its April ACP nomination by $20/tonne from March levels to $1,200/tonne CFR Asia.

Additional reporting by Becky Zhang

($1 = €0.76)

By: Judith Wang
+65 6780 4359

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