29 August 2012 11:58 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s monoethylene glycol (MEG) spot prices gained $14-28/tonne (€11-22/tonne) to a five-month high on Wednesday on concerns over supply as large-scale plants in Louisiana, US, may have been shut in the wake of Hurricane Isaac, market sources said.
MEG was assessed at $1,045-1,068/tonne CFR (cost and freight) China Main Port (CMP) at the close of trade, according to ICIS.
Some spot MEG lots were settled at $1,065-1,070/tonne cost & freight (CFR) China Main Port (CMP) in the late afternoon, while traders booked material in the morning at $1,045-1,050/tonne CFR CMP.
“We are not sure whether the major US MEG plants have been shut, but traders are actively bidding up prices,” a major regional trader said.
A number of refinery and petrochemical operations in the US Gulf were shut because of Hurricane Isaac, which made a landfall in
Shell Chemical runs a 125,000 tonne/year and 250,000 tonne/year MEG plants at
($1 = €0.80)
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