China’s Sinopec settles Dec MEG contract up at CNY8,700/tonne

21 December 2012 08:11  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its December mono ethylene glycol (MEG) contract price at yuan (CNY) 8,700/tonne ($1,396/tonne), up by CNY650/tonne from November, a company source said on Friday.

MEG prices soared in December, driven by speculative trading activities amid encouraging Chinese economic data.

Meanwhile, some traders wanted to stock up cargoes at the end of this year because of concerns about tight supply in 2013.

MEG prices were assessed at CNY8,460-8,500/tonne ex-tank east China on 20 December, up by CNY550-560/tonne from early December, according to Chemease, an ICIS service in China.

($1 = CNY6.23)

By: Jenny Jin

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