15 August 2013 04:42 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC hiked its Asian Contact Price (ACP) nomination for September monoethylene glycol (MEG) by $100/tonne (€75/tonne) from August on the back of higher spot prices, a company source said on Thursday.
“We nominated our September MEG ACP at $1,200/tonne CFR (cost & freight) Asia in consideration of the recent steep rises in spot market and expected stronger demand in the coming months,” the source said.
September and October are usually the peak manufacturing season in China, the source added.
Asia’s spot MEG prices climbed to $1,119-1,135/tonne CFR CMP on 14 August, up by $113-120/tonne from a month ago, according to ICIS, on the back of restocking activities by traders, and upbeat global economic data.
On 7 August, MEGlobal nominated its September MEG ACP at $1,210/tonne CFR Asia, up by $70/tonne from the previous month.
($1 = €0.75
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