08 February 2013 08:12 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has decided to roll over its February Asian Contract Price (ACP) nomination for monoethylene glycol (MEG) for March, according to a company document obtained by ICIS on Friday.
“The March MEG ACP nomination will be $1,310/tonne (€983/tonne) CFR (cost & freight) Asia, to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
The roll-over of ACP nomination reflects the divided market outlook post the Chinese Lunar New Year holiday on 9-15 February, a regional trader said.
Spot MEG prices in Asia were assessed at $1,186-1,191/tonne CFR CMP (China Main Port) for the week ended 8 February, down by $2-10/tonne from a month ago, according to ICIS.
($1 = €0.75)
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