11 December 2013 07:40 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has raised its January monoethylene glycol (MEG) Asian contract price (ACP) nomination by $10/tonne (€7/tonne) from its December nomination, according to a document obtained by ICIS on Tuesday night.
“The January MEG ACP nomination will be $1,210/tonne CFR (cost & freight) Asia to reflect the short-term supply and demand situation,” MEGlobal said in a note to clients.
Demand in the downstream polyester market is expected to strengthen in January on restocking activities ahead of the Lunar New Year holiday in China, a major regional trader said.
The Lunar New Year falls on 31 January 2014.
Spot MEG prices in Asia stood at $1,060-1,066/tonne CFR CMP (China Main Port) at the close of trade on 10 December, up by $24-26/tonne from a month ago, according to ICIS.
MEGlobal is a joint venture between US-based Dow Chemical and Kuwait’s Petrochemical Industries Co.
($1 = €0.73)
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