China’s Sinopec Sept MEG contract settlement up by CNY400/tonne

24 September 2012 10:06  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its September monoethylene glycol (MEG) contract price at yuan (CNY) 8,700/tonne, up by CNY400/tonne ($63/tonne) from August, a company source said on Monday.

In the first half of September, domestic MEG prices in China were on an uptrend, largely driven up by speculative buying activity from traders, as well as restocking by end-users, in the run-up to China’s week-long National Day celebration, traders said.

The Chinese markets will be closed on 1-7 October.

But slumping crude prices weighed on China's MEG market. On 21 September, China's domestic MEG prices were assessed at CNY8,350-8,400/tonne, down by CNY300/tonne in the previous week, according to Chemease, an ICIS service in China.

($1 = CNY6.31)

By: Jenny Jin

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