Corrected: MEGlobal raises Nov MEG ACP nomination by $50/tonne

12 October 2012 05:53  [Source: ICIS news]

Correction: In the ICIS story headlined "MEGlobal raises October MEG ACP nomination by $50/tonne” dated 12 October, please read in the headline…November instead of October… and in first paragraph...ME Global has raised its Asian Contract Price (ACP) for November…instead of October... A corrected story follows.

SINGAPORE (ICIS)--MEGlobal has raised its Asian Contract Price (ACP) for November monoethylene glycol (MEG) by $50/tonne (€39/tonne) from October, according to a document obtained by ICIS on Friday.

“The November MEG ACP will be $1,280/tonne CFR (cost & freight) Asia, to reflect the short-term supply and demand situation,” the company said in a note to clients.

Spot MEG prices in Asia rose to $1,115-1,125/tonne CFR (cost and freight) China Main Port (CMP) on Friday.

Prices have gone up by $15-17/tonne from a month ago on the back of active speculative trading amid decreasing supply because of production issues in the Middle East and Taiwan.

MEGlobal is a joint venture between Dow Chemical and Kuwait’s Petrochemical Industries Co (KPIC).

($1 = €0.77)

By: Becky Zhang
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly