15 November 2012 08:05 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC has lowered its December monoethylene glycol (MEG) Asia Contract Price (ACP) nomination by $50/tonne (€39/tonne) from November levels, a company source said on Thursday.
“We nominated our December MEG ACP at $1,220/tonne CFR (cost & freight) Asia to be in line with lower spot prices,” the source said.
Spot MEG prices in Asia were discussed at $1,045-1,055/tonne CFR CMP (China Main Port) on Thursday afternoon, down by $65-67/tonne from a month ago, according to ICIS data.
Prices have fallen mainly because of weaker buying activity amid a slowdown of demand from downstream polyester industry and an uncertain market outlook.
Another MEG major, MEGlobal,, has nominated its December MEG ACP at $1,200/tonne CFR Asia, down by $80/tonne from November.
($1 = €0.78)
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