10 September 2013 08:19 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has nominated its October Asian Contract Price (ACP) for monoethylene glycol (MEG) at $10/tonne (€8/tonne) higher than its September nomination price, according to a document obtained by ICIS on Tuesday.
“The October MEG ACP nomination will be $1,220/tonne CFR (cost & freight) Asia to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
Firm crude futures, improved polyester margins and a traditional strong demand season in the downstream polyester industry in September and October are expected to continue supporting Asia’s MEG prices, a regional market source said.
Asia’s spot MEG prices declined slightly in the past month after a 19% rise from end-June to mid-August. The spot prices were discussed at $1,090-1,100/tonne CFR CMP (China Main Port) on 10 September, $16-22/tonne lower from the previous month, according to ICIS.
MEGlobal is a joint venture between US-based Dow Chemical and Kuwait’s Petrochemical Industries Co.
($1 = €0.75)
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