14 January 2014 02:53 [Source: ICIS news]
SINGAPORE (ICIS)--MEGlobal has lowered its February monoethylene glycol (MEG) Asian contract price (ACP) nomination by $30/tonne from January, according to a company document obtained by ICIS late on Monday.
“The February MEG ACP nomination will be $1,180/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 decline next month, during the Lunar New Year celebration, according to some traders.
The Lunar New Year falls on 31 January 2014.
Spot MEG prices in Asia were at $995-1,002/tonne CFR CMP (China Main Port) at the close of trade on 13 January, down by $47-56/tonne from a month ago, according to ICIS.
MEGlobal is a joint venture between US-based Dow Chemical and Kuwait’s Petrochemical Industries Co.
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