Saudi SABIC raises March MEG ACP nominations to $1,180/tonne

17 February 2014 07:32 Source:ICIS News

SINGAPORE (ICIS)--Saudi Arabia’s SABIC has increased its nomination for March monoethylene glycol (MEG) Asian Contract Price (ACP) to $1,180/tonne, $10/tonne higher than January’s level, a company source said on Monday.

The ACP nomination price is on a CFR (cost & freight) Asia basis.

MEGlobal, a global MEG producer, announced their March monoethylene glycol (MEG) Asian Contract Price (ACP) at $1,180/tonne, a rollover of its February ACP nomination.

Shell has yet to announce their March ACP nominations.

On 14 February, spot MEG discussions were at $975-987/tonne CFR CMP (China Main Port), down by $8-10/tonne week on week, according to data compiled by ICIS.

Some market players feel that the nominations by MEGlobal and SABIC are too high, market sources said.

The outlook for the market is bearish as the downstream polyester demand has not improved after the Lunar New Year holidays, market sources added.

By Jeffrey Ong