China’s March MEG imports at highest level since January 2011

27 April 2012 07:01  [Source: ICIS news]

SINGAPORE (ICIS)--China’s monoethylene glycol (MEG) imports reached 817,771 tonnes in March 2012, their highest level since January 2011, according to China Customs.

MEG imports in March 2012 were up by 150,211 tonnes from February 2012, and average MEG import prices in March 2012 decreased to $1,089/tonne (€827.6/tonne) from $1,112/tonne in February 2012, data from China Customs showed.

The imports increased because many market players expected domestic MEG supply to be tight in 2012, a domestic market player said.

Many downstream factories and major traders bought cargoes at the end of 2011, which were scheduled to arrive in the first quarter of 2012, expecting prices to rise in 2012, the market player said.

However MEG prices have not risen as expected as downstream demand has remained weak since the beginning of 2012, another market player said.

Spot MEG prices fell to $980/tonne CFR (cost & freight) China Main Port (CMP) on 26 April from $1,095/tonne CFR CMP on 1 January, according to data from Chemease, an ICIS service in China.

($1 = €0.76)

 


By: Yolanda Chen



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