14 January 2013 09:50 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC raised its February monoethylene glycol (MEG) Asia Contract Price (ACP) nomination by $80/tonne (€60/tonne) from January levels, a company source said on Monday.
Its February ACP was at $1,300/tonne CFR (cost & freight) Asia, according to the source.
Concerns about tight MEG supply this year given heavy capacity expansion in downstream polyester industry prompted the hike in contract offer, the source said.
On 11 January, MEGlobal nominated its February MEG ACP at $1,310/tonne CFR Asia, up by $70/tonne from its January offer.
($1 = €0.75)
Additional reporting by Becky Zhang
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