China’s Sinopec settles April MEG contract price at CNY7,550/tonne

23 April 2013 09:36  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its April monoethylene glycol (MEG) contract price at yuan (CNY) 7,550/tonne ($1,222/tonne) on 23 April, down by CNY400/tonne from its March contract price, a company source said on Tuesday.

The MEG market has been weak since January due to the high inventory level at the ports in east China and soft demand from the polyester users.

Domestic MEG prices were at around CNY7,350/tone ex-tank east China on 23 April, CNY600/tonne lower from 1 April, according to Chemease, an ICIS service in China.

($1 = CNY6.18)

By: Yolanda Chen

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