24 March 2013 21:00 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Falling prices for monoethylene glycol (MEG) in Asia are expected to bottom out by May or earlier, a market source said on Sunday.
“MEG prices may bounce around a bit yet, but they can’t go much lower,” the source said on the sidelines of the International Petrochemical Conference (IPC).
MEG is expected to hit the low to mid-40s cents/lb for large volume deals, the source said.
Falling prices have been attributed to inventory dumping activities by sellers, who have been plagued with high inventories, and weak demand in the downstream polyester market.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC continues through Tuesday.
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