Saudi Arabia’s SABIC keeps August MEG ACP nomination stable

11 July 2013 05:17  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s SABIC, one of the major overseas producers for the China market, has kept its August monoethylene glycol (MEG) Asian Contract Price (ACP) nomination stable at July’s level, a company source said on Thursday.

SABIC’s nomination for August MEG ACP is at $1,100/tonne (€858/tonne) CFR (cost & freight) CMP (China Main Port), the company source said.

Two other producers including Shell and MEGlobal have not set their nominations yet, according to market sources.

MEG spot prices on a CFR CMP basis were at $1,005-1,010/tonne on 10 July, according to ICIS data, $4-11/tonne higher compared with the price level of 9 July.

Some market players are holding an optimistic view of the market, with an expectation of active buying activity from the downstream polyester sector, while others are worried that the weak macroeconomic condition will weigh on the MEG market, industries sources said.

($1 = €0.78)

By: Yolanda Chen

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