China’s Sinopec settles Aug MEG contract up by CNY800/tonne
24 August 2012 09:51 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s Sinopec has settled its August monoethylene glycol (MEG) contract price at yuan (CNY) 8,000/tonne ($1,260/tonne), up by CNY800/tonne from its July contract prices, a company source said on Friday.
The MEG market in China was largely on an uptrend in August driven by stronger speculative trading activity on the back of continual news on plant issues in the Middle East and southeast Asia, traders said.
MEG spot prices were assessed at CNY7,800-7,900/tonne ex-tank in east China on 23 August, up by 7.8% from prices at the end of last month, according to Chemease, an ICIS service in China.
($1 = CNY6.35)By: Jenny Jin
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