China's Sinopec settles June MEG contract price at CNY6,750/tonne

25 June 2012 10:12  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its June monoethylene glycol (MEG) contract price at yuan (CNY) 6,750/tonne ($1,060/tonne), down by CNY1,000/tonne compared with its May contract price, a company source said on Monday.

Market participants told ICIS they expect Sinopec’s June MEG contract price to fall in line with declining spot prices.

MEG spot prices were assessed at CNY6,300-6,400/tonne ex-tank in east China on 25 June, down by 11.5% from prices at the start of the month, according to Chemease, an ICIS service in China.

($1 = CNY6.37)

By: Yolanda Chen

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