MEGlobal July MEG ACP nomination down by $140/tonne from June

12 June 2012 09:28  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has proposed an Asian Contract Price (ACP) for July monoethylene glycol (MEG) that is $140/tonne (€112/tonne) lower than June levels, according to a document obtained by ICIS on Tuesday.

“The July MEG ACP will be $1,010/tonne CFR (cost & freight) Asia, to reflect the short-term supply and demand situation,” the company said in a note to clients.

Bid-offer levels in the Asian spot MEG market declined to $835-840/tonne CFR China Main Port (CMP) on Tuesday, market sources said.

Current prices are down by $160-170/tonne or 16-17% from a month ago, according to ICIS, in line with the steep declines in crude futures amid a flaring up of eurozone’s debt woes.

MEGlobal is a joint venture between Dow Chemical and Kuwait’s Petrochemical Industries Co (KPIC).

($1 = €0.80)

By: Becky Zhang
+65 6780 4359

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