China’s Sinopec settles Nov MEG contract at CNY8,050/tonne

23 November 2012 06:30  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its November mono ethylene glycol (MEG) contract price at yuan (CNY) 8,050/tonne ($1,290/tonne), down by CNY600/tonne from October, a company source said on Friday.

MEG prices fluctuated in a downtrend in November, depressed by increasing supply and sluggish demand from downstream polyester industry.

Spot MEG inventories in east China rose to 720,000 tonnes in mid-November from 670,000 tonnes in early November.

Meanwhile, demand from the downstream polyester sector has been decreasing as some of them reduced the operating rate because of high inventories.

MEG prices were assessed at CNY7,650-7,700/tonne ex-tank east China on 22 November, down by CNY300/tonne from early November, according to Chemease, an ICIS service in China.

($1 = CNY6.24)

By: Jenny Jin

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