12 November 2013 03:35 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has lowered its nomination for December monoethylene glycol (MEG) Asian Contract Price (ACP) by $20/tonne (€15/tonne) from its November contract nomination, according to a document obtained by Chemease on Monday night.
“The December MEG ACP nomination will be $1,200/tonne CFR (cost & freight) Asia to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
The downstream polyester industry has been incurring losses, causing the poor demand for MEG, a market source said.
China’s spot EG prices declined to around $1,030/tonne CFR CMP (China Main Port) in end-October, down by $30/tonne from the previous month.
On 11 November, spot prices were discussed at around $1,034-1,042/tonne.
MEGlobal is a joint venture between US-based Dow Chemical and Kuwait’s Petrochemical Industries Co.
($1 = €0.75)
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