China's Sinopec settles April MEG contract at CNY7,600/tonne

24 April 2012 04:45  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec assessed its April contract prices for monoethylene glycol (MEG) at yuan (CNY) 7,600/tonne ($1,204/tonne) with acceptance, 5% lower than the March price of CNY8,000/tonne with acceptance, a company source said on Tuesday.

Spot prices for MEG were at yuan (CNY) 7,400-7,450/tonne ex-tank east China on 23 April, according to Chemease, an ICIS service in China.

In early April, they were at CNY 7,150/tonne ex-tank, before rebounding to CNY7,450-7,500/tonne ex-tank on 17 April, Chemease data showed.

A trader said there was no confidence among market players in MEG futures because of the high inventory levels at Chinese ports and weak downstream demand.

($1 = CNY6.31)

By: Jenny Jin

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