27 April 2012 22:45 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--May contracts for US fibre-grade ethylene glycol (EGF) for export were assessed on Friday at a drop of 1.90-2.30 cents/lb.
The decline brought the contracts to 46.70-48.10 cents/lb ($1,030-1,060/tonne, €783-806/tonne) FOB (free on board).
Prices fell because of declines in the nominated Asian Contract Price (ACP). The ACP for May was settled at $1,120-1,150/tonne CFR (cost and freight) Asia.
US Gulf (USG) freight rates to Asia this week were ranging around $90-100/tonne for 2,000-tonne loads and about $70-80/tonne on 5,000 tonne or larger.
The freight rate used for the EGF export range was $90/tonne.
The was much talk this week that EG values have hit bottom and will start to rise, as maintenance work is ongoing and demand is expected to increase.
Market players said demand will tick back up in about 30-45 days, as blenders start buying in the recreational vehicle (RV) and coolants sector.
Major EG producers in the US include LyondellBasell, Huntsman, MEGlobal, Indorama, SABIC and Shell.
($1 = €0.76)
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