11 January 2013 05:10 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has nominated its February Asian Contract Price (ACP) for monoethylene glycol (MEG) at $70/tonne (€53/tonne) higher from its January price, according to a document obtained by ICIS on Friday.
“The February MEG ACP nomination will be $1,310/tonne CFR (cost & freight) Asia, to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
The higher nomination price was in line with a strong uptrend in the spot market in the past month.
Asia’s spot MEG cargoes were discussed at $1,185-1,190/tonne CFR China Main Port (CMP) on 11 January, up by $85-90/tonne from a month ago, according to ICIS.
MEGlobal is a joint venture between Dow Chemical and Kuwait’s Petrochemical Industries Co (KPIC).
($1 = €0.75)
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