MEGlobal lowers December MEG ACP nomination by $80/tonne

14 November 2012 11:49  [Source: ICIS news]

SINGAPORE (ICIS)--MEGlobal has nominated its December Asian Contract Price (ACP) for monoethylene glycol (MEG) at $80/tonne (€63/tonne) lower from its November price, according to a document obtained by ICIS on Wednesday.

“The December MEG ACP will be $1,200/tonne CFR (cost & freight) Asia, to reflect the short-term supply and demand situation,” the company said in a note to its clients.

Spot MEG prices in Asia fell to $1,040-1,051/tonne CFR China Main Port (CMP) on Wednesday, down by $74-75/tonne from a month ago following lower crude futures and weaker downstream polyester demand, according to ICIS.

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

($1 = €0.79)

 


By: Becky Zhang
+65 6780 4359



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