16 April 2013 08:51 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC announced on 15 April its May monoethylene glycol (MEG) Asia Contract Price (ACP) nomination at a rollover of its April nomination price, said a company source.
The company has nominated its May MEG ACP at $1,150/tonne (€874/tonne) CFR (cost & freight) Asia, the source said.
Spot prices have fallen in the past month, but stronger downstream demand seen from the beginning of April is expected to underpin prices in the near future, the source added.
Asia’s spot MEG prices were assessed at $1,009-1,024/tonne CFR CMP (China Main Port) in the week ended 12 April, down by $22-24/tonne from a month ago, according to ICIS.
Earlier on 12 April, MEGlobal nominated its May MEG ACP as $20/tonne lower month on month at $1,190/tonne CFR Asia.
($1 = €0.76)
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