17 December 2012 06:23 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC has decided to roll over its January monoethylene glycol (MEG) Asia Contract Price (ACP) nomination from December level, a company source said on Monday.
“We nominated our January MEG ACP at $1,220/tonne CFR (cost & freight) Asia, the same as December nomination because of market uncertainties in January,” the source said.
Spot prices have gone up in the past month, but the market will face pressure from an expected increase of supply at the end of the year and a likely lower MEG consumption level in January ahead of Chinese New Year holiday, the source said.
Asia’s spot MEG prices were discussed at $1,130-1,140/tonne (€859-866/tonne) CFR CMP (China Main Port) on Monday afternoon, up by $85/tonne from a month ago, underpinned by speculation on upbeat China economic data, according to ICIS.
Earlier on 11 December, another MEG major MEGlobal nominated its January MEG ACP at $1,240/tonne CFR Asia, up by $40/tonne from its December level.
($1 = €0.76)
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