Saudi's SABIC raises September MEG ACP nomination by $110/tonne

16 August 2012 09:26  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC has hiked its September monoethylene glycol (MEG) Asia Contract Price (ACP) nomination by $110/tonne (€89/tonne) from August, in line with firmer spot prices, a company source said on Thursday.

“We nominated our September MEG ACP at $1,140/tonne CFR (cost & freight) Asia because of the recent rises in Asia’s spot market,” the source said.

On Thursday afternoon, spot MEG in Asia is trading at $1,015-1,020/tonne CFR CMP, up by $106-107/tonne from a month ago, according to ICIS data. Price gains were backed by firmer crude futures, plant shutdowns and healthier downstream polyester demand.

Early this week, MEGlobal nominated its September MEG ACP at $1,130/tonne CFR Asia, up by $90/tonne from August, while Shell nominated $1,150/tone CFR Asia, which represented a $100/tonne increase from its previous month’s offer.

($1 = €0.81)

By: Becky Zhang
+65 6780 4359

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