China’s Sinopec settles October MEG contract at CNY8,650/tonne

24 October 2012 10:03  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its October monoethylene glycol (MEG) contract price at yuan (CNY) 8,650/tonne, down by CNY50/tonne ($8/tonne) from September, a company source said on Wednesday.

The decline in contract prices was in line with recent falls in spot values as MEG inventory increased.

MEG prices were assessed at CNY8,100-8,170/tonne ex-tank east China on 23 October, down by CNY80-100/tonne from last week, according to Chemease, an ICIS service in China.

Spot MEG inventories in east China rose to 690,000 tonnes on 19 October, up by 65,000 tonnes from late September levels, a market player said.

($1 = CNY6.25)

By: Jenny Jin

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