MEGlobal increases October MEG ACP nomination by $10/tonne

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)

By: Becky Zhang
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index

Related Articles