07 August 2013 03:44 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has nominated its September Asian Contract Price (ACP) for monoethylene glycol (MEG) at $70/tonne (€53/tonne) higher from its August price, according to a document obtained by ICIS on Wednesday.
“The September MEG ACP nomination will be $1,210/tonne CFR (cost & freight) Asia to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
MEGlobal has raised its ACP nomination for September because of the recent steep increases in MEG spot prices, a company source said.
Asia’s spot MEG prices rose to $1,099-1,115/tonne CFR CMP (China Main Port) on 6 August, a significant rise of $123-125/tonne, or 13%, from a month ago as traders stocked up on supply, according to ICIS.
MEGlobal is a joint venture between US-based Dow Chemical and Kuwait’s Petrochemical Industries Co (KPIC).
($1 = €0.75)
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