China’s Sinopec settles August MEG contract up by CNY600/tonne

26 August 2013 09:17  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its monoethylene glycol (MEG) contract for August at yuan (CNY) 8,400/tonne ($1,373/tonne), an increase of CNY600/tonne compared with the previous month, a company source said on Monday.

Domestic MEG prices were at around CNY8,000/tonne ex-tank east China on 26 August, CNY950/tonne higher compared with the prices last month, according to Chemease, an ICIS service in China.

Some of the market players said prices may go down in the near future as downstream producers are suffering losses at present.

Sinopec’s August purified terephthalic acid (PTA) contract was concluded at CNY8,125/tonne, up by CNY75/tonne compared with July's level, while its August paraxylene (PX) contract was settled at CNY10,950/tonne, up by CNY300/tonne from July's price, according to Chemease.

($1 = CNY6.12)

By: Yolanda Chen

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