MEGlobal raises June MEG ACP nomination by $30/tonne
11 May 2012 06:48 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has raised its Asian Contract Price (ACP) for June monoethylene glycol (MEG) by $30/tonne (€23/tonne) from May, according on a document obtained by ICIS on Friday.
“The June MEG ACP will be $1,150/tonne CFR (cost & freight) ?xml:namespace>Asia, to reflect the short-term supply and demand situation,” the company said in a note to its clients.
Spot MEG in Asia were discussed at around $995-1,000/tonne CFR China Main Port (CMP) on Friday, up by $43-45/tonne from a month ago because of an expected supply reduction in May-June, market sources said.
MEGlobal is a joint venture between Dow Chemical and Kuwait’s Petrochemical Industries Co (KPIC).
($1 = €0.77)By: Becky Zhang+65 6780 4359
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