China’s Sinopec settles January ’13 MEG contract at CNY9,200/tonne

24 January 2013 09:16  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its January monoethylene glycol (MEG) contract price at yuan (CNY) 9,200/tonne ($1,479/tonne), up by CNY500/tonne from December 2012, a company source said on Thursday.

Domestic MEG prices rose to CNY9,100-9,200/tonne on 4 January, supported by expectations of tight supply in the market because of plant turnarounds in the first quarter, according to Chemease, an ICIS service in China.

However, prices softened to CNY8,730-8,780/tonne on 23 January, as spot inventory levels in east China increased and demand from downstream factories weakened, Chemease data showed.

($1 = CNY6.22)

By: Jenny Jin

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