09 October 2013 10:35 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Arabia’s petrochemical major SABIC has decided to roll over $1,200/tonne (€1,621/tonne) as its nomination for November monoethylene glycol (MEG) Asia Contract Price (ACP), a company source said on Wednesday.
The ACP is on a cost and freight (CFR) Asia basis.
SABIC has rolled over its price nomination for the second consecutive month in November.
Spot MEG trade has slowed down since the second-half of September amid an unclear market outlook and because of the two holidays in the key China market in late September and early October, a market source said.
The Chinese market was closed on 19-20 September for the Mid-Autumn Festival, and again on 1-7 October for its National Day celebration.
Spot MEG prices in Asia have been fluctuating in a narrow range of $1,054-1,072/tonne since mid-September, according to ICIS data.
($1 = €0.74)
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