Asia's MEG spot prices surge to 11-month high on Fed stimulus

14 September 2012 04:02  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s spot monoethylene glycol (MEG) prices soared by $35-40/tonne (€27-31/tonne) to an 11-month high, driven by US Federal Reserve stimulus package, market sources said on Friday.

Offers rose to $1,150-1,160/tonne CFR (cost & freight) China Main Port (CMP) on Friday morning, compared with $1,115-1,120/tonne CFR CMP seen on 14 September.

Sporadic bids were heard at $1,040/tonne CFR CMP for bonded warehouse cargoes.

Bids were limited as most buyers were watching the market and have yet to decide to make commitments on the last working day of the week, market sources said.

Asia’s spot MEG prices were assessed at $1,112-1,115/tonne CFR CMP, a steep hike of $47-52/tonne week on week amid upbeat sentiment on the back of positive developments on the macroeconomic front.

($1 = €0.77)

By: Becky Zhang
+65 6780 4359

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