20 February 2014 11:27 [Source: ICIS news]
SINGAPORE (ICIS)--Monoethylene glycol (MEG) spot prices to the key China market hit their lowest levels since June 2013, according to data compiled by ICIS on Thursday.
On 20 February, MEG prices were at $925-942/tonne CFR (cost & freight) CMP (China Main Port), compared to the prices at $930-942/tonne CFR CMP in June 2013, ICIS data showed.
The weaker downstream polyester demand and the higher-than-expected port inventories in eastern China continued to weigh down prices. According to information from market sources, China imported 936,000 tonnes of MEG in January.
The sales-to-output ratio of polyester filament (PFY) producers in China were stable-to-firm at 50-70% on 20 February, compared to 50-60% on the previous day. When the sales-to-output ratio is below 100%, there will be a build-up in inventories, according to market participants.
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