Saudi SABIC rolls over $1,200/tonne nomination for Nov MEG ACP

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)


By: Becky Zhang
+65 6780 4359



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