Corrected: China’s Sinopec settles June MEG contract at CNY7,300/tonne

24 June 2013 10:22  [Source: ICIS news]

Correction: In the ICIS story headlined “China’s Sinopec settles June MEG contract at CNY7,300/tonne” dated 24 June 2013, please read in the third paragraph … PX contract at CNY10,550/tonne … instead of … PX contract at CNY10,500/tonne … Also, all references of the contract settlement should be for June, not July. A corrected story follows.

SINGAPORE (ICIS)--China’s Sinopec has settled its monoethylene glycol (MEG) contract for June at a lower price of yuan (CNY) 7,300/tonne ($1,191/tonne), down by CNY350/tonne from the previous month, citing weak market conditions, a company source said on Monday.

Discussions for spot MEG fell to CNY7,050-7,100/tonne in the afternoon session from around CNY7,200/tonne early on Monday, industry sources said.

Sinopec has settled its June paraxylene (PX) contract at CNY10,550/tonne and its June purified terephthalic acid (PTA) contract at CNY8,075/tonne, the company source said.

MEG, PX and PTA are used in textile production.

($1 = CNY6.13)

By: Yolanda Chen

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