China's Sinopec settles Mar MEG contract 7.5% lower at CNY8,000/t

23 March 2012 11:24  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec said on Friday it has settled its March monoethylene glycol (MEG) price at yuan (CNY) 8,000/tonne ($1,270/tonne), 7.5% lower than February contracts.

The company’s February contract settlement was CNY8,650/tonne.  

MEG spot prices were assessed at around CNY7,450-7,500/tonne ex-tank east China on 23 March, down by about 10% from the start of the month, according to Chemease, an ICIS service in China.

“The contract price is expected to fall in line with the decreasing spot prices," a market player said.

($1 = CNY6.30)

By: Yolanda Chen

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