Saudi's SABIC cuts July MEG ACP offer by $180/tonne from June

15 June 2012 10:33  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi’ petrochemical major SABIC has nominated a July monoethylene glycol (MEG) Asia Contract Price (ACP) that is $180/tonne (€142/tonne) lower than its June nomination, a company source said on Friday.

“We’ve decided our July MEG ACP nomination at $1,020/tonne CFR (cost & freight) Asia in view of the recent sharp falls in Asia’s spot market,” the source said.

Spot MEG prices in Asia were discussed at around $845-855/tonne CFR CMP on 15 June, down by $115-125/tonne from the previous week on the back of weaker crude futures and worries over the eurozone debt crisis, according to ICIS.

On 12 June, another MEG major, MEGlobal, announced its July MEG ACP nomination at $1,010/tonne CFR Asia.

($1 = 0.79)

By: Becky Zhang
+65 6780 4359

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